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Strategic Planning for Your Small Business

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Building Teams to Self-Manage and Grow

Self-directed teams — sometimes called self-managed teams, empowered work units, or autonomous work teams — function in their truest sense without supervisory authority. Team members are interdependent [more…]

Five Ways to Generate a Better Business Option Now

When you’re stuck with a tough decision — between a rock and a hard place — it’s time to invent a third, better option. Just think creatively, and look at the problem from a new perspective. Here are five [more…]

Major Components of a Strategic Plan

Strategic plans can come in many different shapes and sizes, but they all have the following components. The list below describes each piece of a strategic plan in the order that they’re typically developed [more…]

Your Strategic Planning Framework

Strategic planning has a basic overall framework. Not to oversimplify the strategic planning process, but by placing all the parts of a plan into the following three areas, you can clearly see how the [more…]

Tips for Better Strategic Planning

Before you get too far into your strategic planning process, check out the following tips — your quick guide to getting the most out of your strategic planning process: [more…]

Strategic Planning Pitfalls to Avoid

Strategic planning can yield less than desirable results if you end up in one of the possible planning pitfalls. To prevent that from happening, here’s a list of the most common traps to avoid: [more…]

Strategic Planning: Check Your Liquidity

In terms of strategic planning, the difference between your current assets (those you intend to convert to cash within a year) and your current liabilities [more…]

Strategic Planning: Gauge Your Risk Levels

In terms of strategic planning, the mix of your debt and equity indicates your risk level. Although other ratios fall into this group, your debt-to-equity ratio is the key to figuring your risk of how [more…]

Strategic Planning: Monitor Your Profitability

In strategic planning, profitability ratios tell you how well you create financial value for your company. Although net profit is your bottom line, profitability is what you’re aiming for year after year [more…]

Strategic Planning: Measure Your Productivity

The ratios in this section give you a good picture of how productive your company is in using its assets to generate profit. Ratios in this group should be benchmarked against your industry to determine [more…]

Strategic Planning: Plot and Analyze Three-Year Trends and Ratios

Armed with information about how to calculate financial ratios for your strategic plan, you want to set up a spreadsheet that shows financial trends ideally for the past few years. If you don’t have complete [more…]

Strategic Planning: The Trailing 12 Months Chart

When developing a strategic plan, you need a dynamic way to look at your performance month after month because you’d like to see whether you’re growing or shrinking. The Trailing 12 Months [more…]

Strategic Planning: Evaluate Your Financial Success

While you’re developing a strategic plan for your company, evaluating your ratios against those in your industry provides an objective look at how you’re performing. It helps you determine how other companies [more…]

Create Your Short List of Strategic Planning Issues

As you work through your strategic plan, you are likely to generate a long list of issues you need to address or solve during your planning process. Naturally, all issues aren’t created equal. To focus [more…]

Strategic Planning Overview

Having a clear strategic direction and strategic plan with a focused implementation process in place is important. Business success isn’t going to happen by accident. You must look into the future and [more…]

Business Planning Strategy Defined

Strategy means consciously choosing to be clear about your company’s direction in relation to what’s happening in the dynamic environment. With this knowledge, you’re in a much better position to respond [more…]

Why is a Strategic Plan Important?

Simply put, a strategic plan is the formalized road map that describes how your company executes the chosen strategy. A plan spells out where an organization is going over the next year or more and how [more…]

Frameworks of a Solid Strategic Plan

The difference between strategic planning and strategic management can be profound to an organization when understood. Strategic planning usually refers to the development of a plan. Strategic management [more…]

Frequently Asked Strategic Planning Questions

Strategic planning can create a ton of questions. If you already have a long list of questions, you’re not alone. Here are some answers to the most commonly asked questions. [more…]

Does Every Company Need a Strategic Plan?

Every business endeavor or enterprise already has a strategy. These strategies range from some vague sense of the desires of the owner to massive, overly sophisticated master plans. So the question isn’t [more…]

Levels of Strategic Management

After you’ve decided that strategic management is the right tool for your organization, clarifying what you intend to achieve with the outcome of the planning process is critical to a successful process [more…]

Key Elements of a Strategic Plan

A company’s strategic plan is the game plan that management uses for positioning the company in its chosen market arena, competing successfully, satisfying customers, and achieving good business performance [more…]

Signs That You Need a Strategic Plan

Having a strategic plan and a succinct strategy that brings clarity and focus to your organization ensures that your time, resources, and actions aren’t wasted. Planning for the future is important, but [more…]

Strategic Planning: Most Used Tool by Executives

During the past dozen years or so, you may have witnessed an explosion in the use of management tools and techniques — everything from Six Sigma to benchmarking. Keeping up with the latest and greatest [more…]

Risks of Having No Strategic Plan

If organizations fail to anticipate or prepare for fundamental changes, they may lose valuable lead time and momentum to combat them when they do occur. These fundamental elements of business are customer [more…]

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