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However, utilising the options open to you will underpin the healthy growth of your business.Examples of issues that tend to get overlooked by growing businesses include: It is the owner of the business who decides the strategic plan.Monitoring the progress of implementation and reviewing it against the strategic plan will be an ongoing process.
By contrast, the purpose of the business plan is to provide the detailed route map that will take you in your desired direction.
Effective strategy development requires a shift in focus from day-to-day concerns to your broader and longer-term business options.
It involves stepping back from your day-to-day operations and asking where your business is headed and what its priorities should be.
Taking the decision to grow a business means embracing the risks that come with growth.
A SWOT analysis identifies the internal and external factors that are favourable and unfavourable to achieving a business goal: Growing a business can pose some considerable personal challenges to the owner or manager, whose role can change dramatically as the business grows.
Effective strategic planning involves challenging the way that business has been done up to this point.Or you might decide to hold strategy brainstorming sessions - which might involve seeking contributions from a broader range of employees and even key customers. But don't neglect the outcome - it's also important to make sure you capture the results in a strategic planning document that communicates clearly to everyone in your business what your top-level objectives are.Such a document should: Strategic planning is about positioning your business as effectively as possible in the marketplace.Growing a business is not something done 'at all costs'.However, an honest assessment of the options allows for any decisions made to be as informed as possible.Everyone involved should know what is expected of them and when.Consider holding a series of weekly meetings with a strategy team before delegating the drafting of a strategy document to one of its members.A strategic plan is typically focused on mid to long-term goals and explains the basic strategies for achieving them.The purpose of strategic planning is to set overall goals for your business and to develop a plan to achieve them.It may be that decision-making in some areas will be handed to others, or that processes which have worked well in the past will no longer fit with future plans.It can be tempting for owners or managers to overlook alternatives that are uncomfortable for them personally.