Small business strategic planning top 7 tips.

Strategic planning is a key component of running a successful small business, yet what amazes me is the vast majority do NOT invest the time nor money into planning.

HUGE rookie error!

You must become aware of the importance of strategic planning and take the necessary steps to ensure your small business is well-positioned for success.

Strategic planning does not have to be complicated, and I follow the ‘less is more’ approach.

At Grow A Small Business, we have some great templates to share with you.

Planning involves setting goals, developing strategies to achieve those goals and taking action to ensure the success of the business.

Taking ACTION is often a challenge in the whirlwind of running a small business, so having someone keep you accountable is important.

Our ‘Mentor Community’ at Grow A Small Business is one option to help in this regard.

Strategic planning is a critical step in any business’s growth and development, and it is essential for small businesses to get it right.

A strategic plan helps ensure that all aspects of running a business are considered, including marketing, operations, finances, human resources and more.

It provides a roadmap for the future and allows business owners to identify opportunities for growth and success.

This roadmap should never be ‘set in stone’. You must be flexible and have options subject to what comes at you externally, which typically, you cannot control.

Dozens of research studies spearheaded by American psychologists Charles “Rick” Snyder and Shane J. Lopez, demonstrates how people’s capacity to reach their desired goals can be increased by having multiple possible pathways.

Many people think that success at a task is a question of perseverance or willpower. This is bullshit!

Snyder and Lopez show that willpower must be coupled with “way power” to drive successful outcomes.

Their research suggests that ideally you will have four or more options or pathways for achieving your goals (external priorities).

By investing time and money to develop a comprehensive strategic plan, you can ensure that your business is well-positioned to take advantage of new opportunities and succeed in the long run.

This is a long game!

With the right strategic plan in place, you can identify your goals, set realistic objectives and develop strategies to reach those goals.

Following are seven tips for success.

The most important step in strategic planning for small businesses is to set goals, both short-term and long-term.

This will help you determine the direction your business should take and the objectives you should strive to achieve, but must be in the context of what you want your business to ‘look like’ sometime in the future.

I like to use three to five years' timelines.

This is your VISION.

Goals should be specific, measurable, attainable, realistic and time-bound (SMART).

Setting clear goals helps the business focus its resources and energies on what matters most.

It’s all about FOCUS.

A SWOT analysis is a way to identify the internal and external factors that can influence the success of your small business.

It is a great way to assess the strengths, weaknesses, opportunities, and threats of your business.

By taking a look at each of these aspects, you can gain valuable insight into how to improve your situation and make the most of your resources.

Seeking some external feedback is often important - to ensure your ‘biases’ do not cloud your judgement.

Strengths are the positive aspects of your business that give you an advantage. They could be anything from a strong customer base to an experienced team. Strengths are internal.

Weaknesses are the opposite of strengths, and they can be areas that need improvement or resources that you lack. Like strengths, weaknesses are internal.

Opportunities are typically external factors that can provide a benefit or advantage. These could be things like a new market or a shift in consumer trends.

Threats are external factors that could cause harm or put you at a disadvantage, also external. They could be anything from a competitor entering your market to changes in the economic environment.

Once you’ve identified your goals and assessed your business’s strengths, weaknesses, opportunities and threats, it’s time to develop an action plan.

An action plan is a detailed plan of action that outlines the specific steps the business needs to take to reach its goals.

Writing an effective action plan for a small business can be a daunting task, but it’s essential for any successful business.

An action plan is a roadmap that outlines the steps to be taken to achieve each goal.

Ideally, you prioritise each action in order of importance, to help you keep focused on the most important tasks first.

It helps to keep you on track and focused on what needs to be done to achieve the desired outcome.

Identify WHO is going to do WHAT and by WHEN - to ensure you have accountability.

It is essential for small businesses to monitor and evaluate progress with a strategic plan - in order to ensure that they are achieving their desired goals and objectives.

This allows businesses to assess the effectiveness of their plan and identify any potential areas for improvement or changes that need to be made.

Following are some steps to introduce:

Monitoring and evaluating progress with a strategic plan is a critical part of ensuring the success of any business.

By setting clear objectives, tracking progress and evaluating success, you can ensure you are on the right track to achieving your goals and objectives.

This is not a secret document!

Having the buy-in of your team is essential to the success of your strategic plan, and the following tips will help you get your employees on board.

Make sure your employees understand the vision behind your strategic plan. Explain why it’s important, and how it will benefit them. Ensure that everyone is on the same page and knows what they’re working towards.

Encourage your employees to take part in the process of developing and implementing your strategic plan. Give them opportunities to provide their input and ideas.

They’ll be more likely to get on board if they feel they’re an integral part of the process.

Ask your employees for feedback on the plan. Listen to their concerns and address them in the best way possible.

They’ll appreciate that you value their opinion and are open to their ideas.

Celebrate the successes of your team and reward them for their hard work. This will help motivate them and show them that their efforts are appreciated.

Make sure your team has the resources and support they need to carry out your plan.

Provide training, mentorship, and guidance so they feel confident in their ability to execute the plan.

Putting the above in place will help ensure your employees are engaged with your strategic plan, and motivated to make it successful.

By involving them in the process and providing them with the resources they need to succeed, you can create a team that’s dedicated to achieving your goals.

Creating a culture of innovation in any business, but particularly a small business, is essential for long-term success.

Innovation is about more than just coming up with new products and services, it’s also about finding creative solutions to everyday problems, streamlining processes and improving customer service.

Here are some tips to help you create a culture of innovation in your small business:

Encouraging creativity is key to creating an innovative culture. Make sure your team is encouraged to explore new ideas and think outside the box.

Create an open culture where employees feel comfortable sharing their ideas and suggestions.

Your team often has the best insights into how your small business is running. Take the time to listen to their feedback and suggestions. You may be surprised at the innovative ideas they bring to the table.

Innovation often comes from collaboration between different departments and teams.

Create an environment where teams can work together to develop new ideas and solutions.

Fear of failure can be a major obstacle to innovation. Encourage your team to take risks, and be sure to celebrate even small successes.

Take the time to research and invest in the latest technologies. This can help to streamline processes and open up new opportunities for innovation.

By doing the above, you can create an innovative culture in which your team can thrive.

As a small business owner, planning for the future can be an intimidating task.

It can feel like you have to make all the right decisions to ensure a successful future. But the truth is, planning for the future of your small business doesn’t have to be complicated.

It just requires planning and foresight.

Make sure you have a contingency plan in place in case of unexpected changes in the market or other unforeseen circumstances.

Consider how you will respond to these changes and how you can use them to your advantage.

Finally, make sure your plan is flexible.

Things can change quickly in the business world, so it’s important to be able to adjust your plan.

Planning for the future of your small business can feel overwhelming, but it doesn’t have to be.

With a clear assessment of your current situation, realistic goals, and a flexible plan, you can ensure a successful future for your small business, with all your team engaged and enjoying the journey.

Strategic planning is an essential part of running a successful small business, so DO NOT ignore this.

By investing time, money and energy to develop a comprehensive strategic plan, small business owners can ensure their business is well-positioned to take advantage of new opportunities and succeed in the long run.

A roadmap for success.