Strategic Planning is one of the most important processes Micro-Businesses seem to Overlook and Under-Apply. The strategic plan not only assists in the daily decision making of what the business will do or not do; It also provides clear definitions of criteria, for which the business will follow in order to reinforce success.
One of the greatest reasons why Micro-Businesses overlook and under-apply strategic planning are because they forget to make it 1) Quick, 2) Simple and 3) Easy to Implement
During the Business Development BootCamps, each business owner learns first hand how to evaluate processes and make them more user friendly. Doing this, allows for greater attention to be placed on revenue producing & profitable activities.
Creating the formalized road map moves the business from the planning phase to the action phase and presents as a great management tool for the organization. Regardless of the company being a 1 man/woman show or a 50 man/woman show, the plan must be in place if the business desires to minimize wasted Time, Energy, Resources and Money.
When companies begin to truly connect their Mission, which tells what they do, to their Vision, which tells how sustainable their mission will be, Effectiveness & Efficiency kicks in, while the feeling of being lost at sea begins to disappear............There are Six (6) Core Pitfalls to Strategic Planning, Here's how to avoid them all!
1) Don't ever rely on incomplete or inaccurate information. If you receive partial data don't make firm decisions based on that. STOP! Go find out what's missing and then move forward.
2) Don't ignore what you find... When investigation and research reveals information, don't try to go around it or ignore it. Refer back to the mission and vision of the company and why you're even planning for strategic growth.
3) Be realistic about the things you're planning for and accepting those things as the plan. Pay careful attention to the time frames and the efforts needed to make the plan work. The same holds true for plans with extensive time frames and over use of efforts. Minimize Waste on every side.
4) Stop Planning, Planning & Planning without actually putting the plan into Action! Action! Action! Often times Micro-Businesses find themselves wrapped up into the comfort zones of planning. For every individually listed task, there must be a specific course of action and evaluation criteria.
Remember the journey of 1000 miles starts with the very first step! So get to stepping!
5) Once you've listed all the things that need to be done and you've made specific individuals accountable for making it happen, make sure that the order of the actions are in proper sequence. If not, the strategic growth plan could be derailed. For example you can't Bake the Cake without Turning on the Oven...Do you see what I mean?
6) Don't duplicate and mimic another companies practices, policies and branding. Be unique, Be authentic, Be You! Emerging Micro-Entrepreneurs sometimes find themselves feeling alone and confused without any where to turn but their competitors website. Be very, very careful.
The best way to completely avoid number 6 is to ask yourself:
1) What is the purpose of my business
2) Where do I want and need my business to go
3) Which of my products and services have room for growth? = Future Ready
4) Am I clearly communicating all of the above?
5) Am I setting up my business to be a lasting company even when I'm gone? Ooohhh....OUCH!
I hope this blog has helped you to be more aware of how important Strategic Planning is to your success and how to be more aware of the common pitfalls. If you enjoyed it, please officially subscribe to the blog and share it with fellow business owners.
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