There is a perception among small business owners that strategic planning is a management tool solely for larger firms. An interesting article by Randy Myers in the June issue of Inc Magazine supports the notion that companies of all sizes could benefit from strategic planning.
While viewed by some as a bureaucratic process which limits flexibility, benefits can include:
– Identifying the smartest path to growth
– Ensuring the management team is working towards the same goals
– Helping with budgeting, hiring, resource allocation and succession planning
– Reassuring lenders or potential lenders that management has a vision and a specific plan to achieve it.
In addition to the benefits listed above, strategic planning provides organization and structure that can serve as a major stress reducer. Wouldn’t every business owner (regardless of the size of their business) love to have a little less stress in their life?