Business strategy and planning
Business plans are the foundation on which successful businesses are built.
Create the roadmap that lays out your business proposal and the route to your successful company. But don’t let it gather dust in a drawer. Use your plan to steer your strategic management. Keep your business strategy and action plan alive and updated and watch your business grow.
Why is business strategic planning important?
Strategic planning determines exactly where your organization is going over the next year or more and how it’s going to get there.
How to thrive in tough times
Too many companies go into hibernation when times are tough. They cut costs, conserve cash and act as if they’re on the verge of bankruptcy when, in reality, their balance sheet is still solid enough to reposition the firm.
Whether it’s a recession or a downturn in your particular industry, don’t assume you can wait until the storm has passed before taking action. It may be too late.
Use these setbacks to get aggressive. It can be a great opportunity to build market share.
6 ways to go on the offensive during tough times
- Reinforce relationships with clients and suppliers. Reassure clients you’re a dependable supplier who will be there for the long term, and confirm that your suppliers are stable.
- Boost operational efficiency. In times of crisis, employees are open to change and galvanized to help.
- Rethink your business model so that the offering is truly differentiated.
- Attend industry trade shows. They’re a great way to make new contacts, develop new markets and find out what’s happening in your industry.
- Understand the services available from other organizations like ours. They can help grow a business in difficult times.
Form an advisory board. It can be a wonderful source of fresh ideas, and bring skills sets that are often out of reach for many small businesses.