Small Businesses Need to Scrap Strategic Planning | Pacific ...

When it comes to businesses in the United States, we like to think ?one size fits all. Most of what we learn about business from books and in school applies to large corporations. Since corporations and small companies are so different, where do small business owners look to model their strategic planning? Often, the best small business strategic planning is the exact opposite of corporate strategic planning.

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Corporations need to plan carefully. Since corporations bet large amours of capital on a ?product or service, they need to survey their markets, build and test strategies and carefully monitor results. They need to be prepared to make changes to take advantage of their market. Small companies need to do the opposite. Here?s why:

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• No time. Small companies do not have the time it takes to invest in research and planning.
• Huge cost. It takes a team of individuals weeks to research and plan a strategy. Not only has money been lost paying employees, but potential sales and development have also been lost.
• Little Payoff. For corporations, the payoff for strategic planning is in millions of dollars. Small companies will not benefit like a large corporations.
• Requires constant attention. Small businesses constantly adjust their focus, so strategic planning is usually short-lived. To keep a strategic plan together, small businesses need to constantly update their strategy.

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This does not mean that small businesses should operate blindly. Instead, they should limit planning meetings to over the phone, through emails and in the hallway. Small businesses thrive on making decisions in the moment. Here is a checklist of how to determine if you are making the proper decision:

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• Plan in the hallway. Have a quick conference call or meeting around the water cooler to discuss current challenges and opportunities.
• Ask and answer ?Why not??. Small companies become well-known because they challenge the industry giants with a new or better concepts. Making decisions to post the envelope will make small businesses think, ?This will not work.? You need to ask and answer, ?Why Not?? Start by writing down a few reasons it will not work, test if they are true and brainstorm on how to overcome them.
• Try and adjust. Big companies invest a lot of time and money into their products, so they need to do extensive research and analysis to make certain the effort is worth the cost. Small businesses cannot afford this. ?Small businesses need a quick, cheap method for testing a concept. Try selling an idea or product before it is finished. Ask friends and family with experience in your market.

Source: http://blog.pacificreserve.com/?p=280

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