Strategic Planning – What Direction is Your Business Headed?

DENVER--(BUSINESS WIRE)--

Behind every successful venture or business there is a great plan. Strategic planning is something that every business needs, but not all have, and the simple fact is it’s easier if you know where you’re going.

To ensure your strategic plan proves successful, The Alternative Board has identified five crucial steps for small businesses to follow when planning for 2010:

1. If you fail to plan, you are planning to fail:
Don't wait until you have more time. There will never be more time. You need to clear your calendar for a week and make your planning a top priority.

2. Establish a starting point: your current situation:
Determine your current situation by using a SWOT analysis to identify the organization's strengths, weaknesses, opportunities and threats the business is facing. This exercise is most beneficial in a group setting with every level of the company represented.

3. Look forward and set your vision for the future:
A good strategic plan will include short-term, mid-range and long-term goals. During this stage of the planning process it is important to set Key Performance Indicators (KPIs). Organizations use KPIs to track success on the path to reach the identified goals.

4. Set measurement standard:
The objective of a plan is its results, which require tracking and follow up. Focus your goals on specific dates, management responsibilities, budgets and measurable milestones.

5. Evaluate and adjust:
With measurable goals and KPIs in place it is crucial to track progress and determine whether a strategy is successful. You must be willing to change course or shift strategies if your data shows a lack of success or impact.

About The Alternative Board^®

The Alternative Board^® is an international provider of peer advisory and coaching solutions to leaders of privately held businesses. Over 300 TAB Boards are operating each month across the United States, Canada, South America and the United Kingdom. Headquartered in Denver, Colo., TAB was founded by Allen Fishman, author of 7 Secrets of Great Entrepreneurial Masters and 9 Elements of Family Business Success, in 1990. For more information, visit www.TheAlternativeBoard.com.