Strategic planning

Hard to believe another year is almost gone. Time to take stock of this year's accomplishments and start setting goals for next year.

Many business leaders and business owners balk at the idea of assessing and planning believing that there just isn't time for all that 'soft' stuff. In reality though, it's the businesses that make time for sound business planning that experience significant expansion and growth. Not taking time to plan can be very costly.

Assessments can be short and sweet or detailed and comprehensive. Short assessments include questions like:

• What were our goals for this year?
• How did we do?
• What did we learn?
• What could we do differently next year?

Even asking these simple questions will bring to light needed enhancements and refinements.

Looking forward, questions to ponder include:

• What business are we really in?
• Where does our revenue come from? Where should it come from?
• What is the best, most profitable business model for us?
• Are our mission and vision still the 'right' ones?
• Where is our industry going?
• What do we need to do to keep up or take the lead?
• What competitive challenges are we facing or are we likely to face next year?
• How can we improve our operations?
• How can we capitalize on what we learned and accomplished this year?
• Are there new areas should we venture into? What are they? How do we best get started?
• What skills will be needed to catapult us forward? Do we need to hire, train, buy or outsource them?

What new ideas have come to your mind as you read this list? Imagine the depth and quality of ideas that could arise if you had this conversation with your key staff members? They will bring different perspectives to such an inquiry and potentially open brand new vistas for your company's future.