Written by: Torie Mathis, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
You've been working hard at your small business for years, but it seems like you're stuck in a rut. You're not making the progress you want, and you're starting to feel burned out. What's the answer?
For many small business owners, the answer is simple: work harder.
But that's not always the best solution. In fact, sometimes, working harder can actually make things worse.
If you're feeling stuck, it might be time to try a different approach: strategic planning.
What is Strategic Planning?
Strategic planning is a process of setting goals, identifying ways to achieve them, and creating a roadmap for success. Unlike working hard, which can often be haphazard and driven by the day-to-day grind, strategic planning is a systematic way to think about your business and its future.
Strategic Planning for Solopreneurs?
Strategic planning isn't just for big business. If you're a solopreneur or small business owner, you also need to be spending time on your strategic plan if you really want to grow a sustainable, successful business.
If you're lacking in strategic planning, you're not alone. According to the Harvard Business Review, less than 85% of business owners spend more than an hour per month discussing strategy.
"By failing to prepare, you are preparing to fail." – Benjamin Franklin
Why is Strategic Planning Important?
Strategic planning is essential because it helps you focus on your goals and create a roadmap for achieving them. Without a plan, it's easy to get sidetracked or make decisions that don't align with your ultimate goals.
Strategic Planning Allows You To Think Long Term with Your Business
How far ahead do you currently plan for your business? You may have a plan for the next month or even the next quarter, but what about next year? Or even five years from now?
It's easy to just bounce around in your business with no big picture in place, but this haphazard approach will not just stifle your growth, but it will make it almost impossible to budget and make your marketing strategy challenging to plan.
Strategic planning allows you to look into the future of your business and have a plan on where you want to go. You start by visualizing where you want to be in the next year, five years, or even the next ten years.
This process allows you to start to set goals for your business and develop a plan for reaching those goals.
A good strategic plan can help small businesses:
Set priorities and allocate resources
Make better decisions
Achieve long-term goals
Measure progress and track results
Stay flexible and adapt to change
The Benefits of Strategic Planning for Business Owners
Strategic planning doesn't just help the business, but it helps the business owner as well. There are many benefits for business owners to strategically plan, including:
Improved decision making
Greater clarity and focus
Increased efficiency and productivity
Reduced stress and anxiety
Better goal achievement
"Give me six hours to chop down a tree, and I will spend the first four sharpening the axe." – Abraham Lincoln
When You Fail To Plan
Strategic planning is essential for any business or organization, regardless of size or age. Without it, you are likely to experience a number of problems and setbacks that can hinder your progress and hurt your bottom line.
Some possible effects of failing to plan strategically include:
Increased costs due to operational inefficiencies or unanticipated expenses.
Reduced revenue due to underutilized resources or lower customer satisfaction levels.
Lower employee morale due to increased stress and pressure on staff members who are trying to meet their goals without clear direction from management.
Damage to your company's reputation as a result of missed deadlines, poor service quality, or other issues associated with inadequate planning processes.
If you find yourself in a situation where you have failed to plan strategically, it is vital to take corrective action as soon as possible. Address the root causes of the problem and put together a new plan that will help you avoid making the same mistakes in the future.
With proper planning, you can get your business back on track and achieve lasting success.
Strategic Planning Allows You To Be More Proactive In Your Business
When you fail to plan strategically, you're always playing defense. You're constantly reacting to anything that flies your way and responding quick enough to move on before you have to put out the next fire.
One of the key factors in developing a strategic plan is to be proactive about issues that can come up. You find challenges that could come up and develop a contingency plan, so you more easily deal with challenges, not just so they pass, but so your business thrives no matter what happens.
"The time to repair the roof is when the sun is shining." – John F. Kennedy
How to Create a Strategic Plan
The first step in creating a strategic plan is to set your goals. What do you want to achieve? Once you have a goal in mind, you can start brainstorming ways to achieve it.
Some common goals for small businesses include:
Increasing sales
Entering new markets
Launching new products or services
Improving customer service
Reducing costs
Improving digital marketing efforts
Your business goals need to be created in a way that you will actually achieve them. Sure it would be nice to make more money with your business, but that goal doesn't mean anything if it's not SMART.
How to Create SMART Goals for Your Business
If you haven't created SMART goals before, they are goals that are Specific, Achievable, Relevant, and Time-Specific. So rather than saying you want to make more money, you would decide exactly how much money you want to make and by when.
Research shows that when you make your goals more specific and give them deadlines, you are much more likely to reach them. So be sure to include SMART goals in your strategic planning.
"If you don't know where you are going, you'll end up someplace else." – Yogi Berra
The Roadmap to your Goals
After you've set your goals, you'll need to create a roadmap for achieving them. This should include specific action items and deadlines. For each goal, ask yourself: what needs to be done and by when?
Your roadmap will likely change over time, but having a plan is essential for keeping you on track. As your business grows and changes, so too should your strategic plan.
How to create a strategic roadmap to reach your goals for your business
If you want to be successful in your business, it's essential to create this strategic roadmap that outlines the steps you need to take to reach your goals. This roadmap should include details about your target market, competitors, and positioning strategy so that you know how to create a competitive advantage and stand out from the crowd.
You should also consider developing a budget for your marketing efforts so that you can allocate funds toward activities that will help grow your business.
Additionally, it's important to keep track of key metrics such as website traffic, social media engagement, and email open rates so that you can assess what strategies are working best for attracting new customers and engaging existing ones.
By following these steps, you can create an effective strategic roadmap for your business that will help you achieve your business goals.
An Efficient and Effective Business
When you take the time to create a strategic plan, you'll find that you can grow your business more effectively and efficiently. You'll be able to make better decisions, stay focused on your goals, and achieve the success you've been striving for.
So if you're feeling stuck in your business, remember that working hard is not always the answer. Take some time to develop a strategic plan and see how it can help you reach your goals.
Torie Mathis helps entrepreneurs, like you, use digital marketing to grow your business without wasting time, money, or your sanity. She is a best-selling author, Army veteran, speaker + trainer, and your digital marketing coach. You don't need crazy tech skills, buckets of cash, or dedicated staff to market your business. In fact, you don't even need a lot of time. What you need is to be SMART. Torie hosts SMART AF, a show for non-techy entrepreneurs looking to grow their small business, with her husband Sean Mathis, and is the creator of SMART AF Magazine. Learn digital marketing for your small business at toriemathis.com
Torie Mathis, Executive Contributor Brainz Magazine
Torie Mathis helps entrepreneurs, like you, use digital marketing to grow their business without wasting time, money, or your sanity. She is a best-selling author, Army veteran, speaker + trainer, and digital marketing coach. She'll show you how don't need crazy tech skills, buckets of cash, or dedicated staff to market your business. In fact, you don't even need a lot of time. What you need is to be SMART. Torie hosts SMART AF, a show for non-techy entrepreneurs looking to grow their business, with her husband Sean, fellow entrepreneur and founder of the Miles Through Time Automotive Museum. She is also the creator of SMART AF Magazine and the Smart Arsenal. You can learn digital marketing for your small business with Torie at toriemathis.com
