Step 2: Strategic Planning

The Big Picture

Does your business exist in a vacuum? Highly unlikely. It is, no doubt, constantly subjected to the forces of change whether they be economic, competitive, environmental, or political. Very few of us can escape change - it is all around us. Your firm is probably no different from many other organizations which are facing uncertainty and challenges from: 

• increasing globalization,
• multilateral trade agreements,
• information technology, and
• new demands from clients and suppliers?

If you expect to deal with these and other strategic challenges facing your organization, Strategic Planning must be an essential part of your survival strategy. Our short Quiz which follows will help you confirm your need for Strategic Planning.

Strategic Challenges

Can you relate to these challenges facing other SMEs? How are you dealing with them?

• Increased competition?
• Declining market share?
• Lack of new service/product development?
• Low service/product quality?
• Risk of new competitors entering your markets?
• Risk of substitute products?
• Government regulation or deregulation?
• Unclear vision of the future?
• Lack of consensus between management team members?
• A squeeze from customers or suppliers?
• A precarious financial position?

Useful Links

Center For Business Planning
This site provides any business manager or entrepreneur with a set of resources to help in creating a business or managing a business. Information is provided on every area of planning a business including acquire venture capital, define new products, market analysis, and competitive analysis.

Center for Simplified Strategic Planning
A commercial firm specializing in mid- to small-business strategic planning. Online newsletter with feature articles, FAQs, Q&As and book reviews.

Interactive Business Planner
The IBP is the first business planning software product designed specifically to operate on the World Wide Web. The IBP uses the capabilities of the Internet to assist entrepreneurs prepare a 3 year business plan for their new or existing business.