James, strategist at GBC, 2 min read


For a small business, developing a strategic vision and mission, setting objectives, and establishing a strategy are basic direction setting tasks. They map out where your business is headed, its purpose, the targeted strategic and financial outcomes, the basic business model, and the competitive moves and internal action approaches to be used in achieving the desired business results. Together they constitute a strategic plan for coping with industry conditions, out-competing rivals, meeting objectives, and making progress toward your small business’ vision. Typically, a strategic plan includes a commitment to allocate resources to the plan and specifies a time period for achieving goals (usually three to five years).


“Failing to plan, Is planning to fail”. This statement is not exclusive to large organisations. 


In companies that do regular strategy reviews and develop explicit strategic plans, the strategic plan usually ends up as a written document that is circulated to managers and team leads. A number of companies summarise key elements of their strategic plans in the company’s annual report to shareholders, in postings on their website, or in statements provided to the business media, whereas others, perhaps for reasons of competitive sensitivity, make only vague, general statements about their strategic plans. In small businesses, strategic plans do exist, however not explicit in written form. Small business strategic plans tend to reside in the thinking and directives of owners/executives, with aspects of the plan being revealed in conversations with company personnel about where to head, what to accomplish, and how to proceed. Formalising strategic planning in your small business, increases the chances of your business survival a hundred-fold.



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Absolutely. Just sharing some experience that we hope you’ll find useful. Keep us in mind next time you have strategic planning questions.