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Will Your Business Survive Five Years?

by | Aug 25, 2022

Implement Chunky Strategic Planning to Increase Your Odds of Survival

According to the bureau of labor statistics, 50% of small businesses fail within the first five years.

A strategic plan increase the odds of survival.

Studies show that a business with a plan will grow 30% faster, and 71% of fast-growing companies have a plan.

More than ever, a clear and executable strategic plan is required for a small business to survive.

Creating a small business strategic plan is not that hard with the right tools and help.

The exercise can be fun and enlightening! Plus, there is no requirement that a business plan is a huge affair. Just a few well-thought-out bullet point objectives can get the job done.

Where do you start?

Here is an outline of the steps we use to create a small business strategic plan.

STEP 1. Situation Analysis: A current inventory will be taken to clarify and document how the operational aspects of your business are performing. 

STEP 2. Value Clarification: Identify those values serving as the bedrock of your business value system, candidly defined and prioritized.

STEP 3. Create Your Vision and Mission Statements: Two statements defining the ultimate purpose of actions and providing a measurement of success will be developed and established. A mission statement should be long-term with a minimum shelf-life of at least five years but most likely will cover a lifetime or even eternal designs.

STEP 4. S.W.O.T. Analysis: Develop and document a detailed and candid inventory of internal strengths and weaknesses and external opportunities and threats related to your business.

STEP 5. Strategic Planning: Specific strategies and action plans will be documented to outline how the vision and mission will be accomplished.

STEP 6. Resource Allocation: The step includes distributing existing and anticipated human and nonhuman resources to implement the plan.

STEP 7. Assure Success: Various consensus building and accountability methods will be established and utilized to fulfill the desired key action plans.

STEP 8. Periodic Reassessment: The planning process and plan are frequently revisited once a year to ensure that all elements remain in harmony.

The eight steps above make up our lean “Chunky” planning method focused on result-driven strategic and tactical chunks.

This simple “Chunky” process has worked well for us. We think it will work for you too.

Thanks for reading and thinking for yourself!

Russell Anderson

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P.S. I appreciate and respect your investment of precious time to read my work! That’s why I strive to provide thought-worthy content that generates a worthwhile return on your investment.