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Strategic planning is the process of documenting and establishing a direction of your small businessby assessing both where you are and where youre going. The strategic plan gives you a place to record your mission, vision, and values, as well as your long-term goals and the action plans youll use to reach them. A well-written strategic plan can play a pivotal role in your small businesss growth and success because it tells you and your employees how best to respond to opportunities and challenges.

Despite the benefits of having a strategic plan in place, a growing number of small business owners arent focusing on the long-term strategies of their businesses.

If youre one of these small business owners, its not too late to think differently. Your future success depends on effective strategic planning. Its a process of looking ahead that should involve your entire business, and the discussions can lead to meaningful changes in your business. Strategic planning consists of analyzing the business and setting realistic goals and objectives. This leads to the creation of a formal document that lays out the companys views and goals for the future.

Benefits of Strategic Planning

The strategic planning process can take some time, but its beneficial for everyone involved. As the small business owner, youll have a better idea of the goals and objectives you want to accomplish and a path to do that. For your employees, the process can foster an increase in productivitycontributing to the success of the business.

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Despite the benefits of having a strategic plan in place, a growing number of small business owners arent focusing on the long-term strategies of their businesses.

Benefits of Strategic Planning

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