signpostsWhile annual strategic planning is common in the corporate world, many small businesses neglect this important step in preparing for the coming year. If you haven't started yet, there's still time -- and the tips below might help you.
I recently attended a presentation on small-business planning by Pat Mayfield, author of several books and the current executive director of the Golden Gate Business Association, and she outlined several steps that can help:
Establish a clear mission. Always start with your company mission, and align your goals to it.
Work backwards. Start with where you would like to wind up at the end of the year, in terms of sales or other relevant targets.
Be realistic, then try stretching. Write down what you think is reasonable to accomplish. Then challenge yourself a little to extend the goal a little further.
Keep in mind the worst-case scenario. "I often hear of small businesses failing because they didn't have enough reserves -- many times it's because they
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