A Strategic Plan is the second stage of a business plan. A strategic plan is required once a business has moved beyond the start-up phase and is now a fully functioning business. For those of you in this phase, there seems to be one universal truth – you’re too busy! The demands of a small business can be overwhelming and this causes critical planning to be overlooked. For a business to move to the ‘mature’ stage, the following are some of the questions that need to be addressed:
- Why am I in business? To earn money? To create the best product? To help the world?
- How much money is enough?
- How many hours do I really want to work?
- How large do I want to get? Do I really know how to run a business that size?
- What is my best product/service and how do sell more of it?
- What is my worst product/service and how do make it one of my best?
This planning is challenging as it forces us to answer questions that will ultimately determine the trajectory of our career and therefore our life. Leaving these up to chance is not recommended! Kent Accounting has helped many businesses realize their dreams by creating a solid plan to get from today to their future utopia.