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Strategic planning for a small business doesn’t have to be as formal, as long, or as detailed as with a large company.
This is achieved by carefully analyzing a particular business industry and being honest about your company's strength and weakness in meeting the needs of the industry.
A strategic business plan is necessary to optimize market research and to attain optimum market share for your business.
Writing a strategic business plan has many advantages.
The plan can serve as an outline for successful completion of company milestones.
Company owners are in a better position to not only understand their business but become experts in their industries.
A strategic plan helps executives understand the direction in which their company is headed by reviewing past progress and making changes to improve and grow.
Even if you simply think things through in your mind and then briefly share your strategic ideas or decisions with your employees, you will be ahead of the curve and helping people to understand how they can connect with your strategy.
If you’re a small business working toward a strategic plan (know the difference between a strategy and a plan) and you commit it all to paper in a short two to five page plan, so much the better! Invite your strongest employees to respond to your strategic issues, concerns and get them involved so they feel some ownership in this simple process.
A strategic business plan helps a company provide better, more targeted service to its clients.
A strategic business plan includes extensive market research, industry trends and competitor analyses.