Do you have a long-term plan for your small business? Have you looked over the horizon for the next 3 to 5 years and set some goals on what you want to accomplish?
Most small business owners develop short-term plans to achieve financial goals, but fail to plan long term.
Having a long-term plan can produce incredible value in guiding your thinking and adjusting your plans over time to achieve strategic goals.
Long-term planning has nothing to do with the normal day-to-day operations of your small business.
It allows you to think about where you’d like your business to be in the future, and develop a plan to help you get there.
It doesn’t matter if your long-term goals are to grow your business, sell it, or go in a different direction. The key thing that matters is to have a plan.
Long-term planning, often called strategic planning, is your opportunity to set goals and objectives that can’t be accomplished in the short term; but can be done over time...if you have a plan! Developing new products or services, entering new markets, improving your operations, or staging your business to sell it are all areas where long-term planning can ensure a better outcome.
At least once a year you should consider carving out some time to get away from the day-to-day planning and focus on your longer-term plans.
Having a road map of where you want to go will help you get there.