Strategy
When you think of strategic planning, you probably envision executives sitting around a table discussing how to increase profits or break into a new market, and you wouldn’t be wrong. Multi-billion dollar corporations certainly do rely on strategic planning to improve operations or change the direction of the organization. However, every organization can benefit from having a researched, documented statement on how to create a clear, measurable path to success, and this is especially true for small businesses. To help you get started, we are sharing four reasons your small business needs a strategic plan.
Marketing, Strategy
When a business or non-profit fails to stay modern and up-to-date, they run the risk of losing touch with their customer base and stakeholders and experiencing stagnant sales and buy-in. Fortunately, a brand refresh is often all it takes to regain relevancy within their market and rebuild connections with consumers. However, updating a brand is more than just changing a logo; it requires careful and strategic planning on leadership’s part to ensure any updates will support the company’s goals.
Leadership, Strategy
Since it was brought to the forefront of business planning by Albert Humphrey in the late 1960s, the SWOT analysis has been relied upon by corporations, small businesses, nonprofits, and even schools to make key decisions and form strategies. This planning tool in which you measure your strengths, weaknesses, opportunities, and threats can be beneficial, but often, organizations rely too heavily on this method while not performing it correctly or without recognizing its weaknesses. Our strategic planning firm in Minneapolis is providing a closer look at whether you should perform a SWOT analysis on your organization and, if so, how to avoid common pitfalls.
Leadership, Strategy
Most people associate Standard Operating Procedures (SOPs) with highly specialized or regimented organizations, such as hospitals, research facilities, government agencies, or the military. However, these are not just for complex organizations, and are highly valuable for even minor areas and tasks (Biologic Technical Applications, 2012). To help you create and apply SOPs to your organization, our strategic planning agency in Minneapolis is sharing the steps on getting started.
