Tuesday, July 19, 2011

The Importance of Strategic Planning

I’ve been asked by small business owners and potential entrepreneurs why strategic planning is important. I always tell them it’s no different from life. Tomorrow is going to be different from the past, there are likely some similarities such as how wars are fought with US drone plane which minimizes US casualties, having a plan does helps your business thrive continuously. There are times when things don’t go well. Like CanWest, Inc which over extended itself with debt only to be hit with an economical recession, and Shaw Media bought some of its assets. Or like MySpace going from a $500 Million company to a $35 Million because Mr. Murdoch was distracted.

It’s a rapidly changing world out there and even the best plans can become useless quickly. With technology resources relatively inexpensive and accessible by anybody, your barrister could take your idea and execute it on a part time basis. There are industries where the entry is expensive.

Working with marketing, sales, and business minded individuals to assist with marketing plans helps get everyone and everything moving in the most progressive direction. The very process of creating it and putting it in writing helps to clarify and prepare you for managing the future growth of your business.

I take great pleasure working with diverse individuals bouncing ideas or helping them fine tuning a business idea or initiative. I never claim to know it all. I usually take on a partner-team member role and result is essential.

Having a strategic marketing plan helps you anticipate and plan for change so you are not as likely to be caught off guard. Small businesses don’t need a 50 page plan, just a couple of simple clear 2 – 7 page plan.

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