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Is strategic planning for small businesses, or only the “Fortune-ate”?

Guest post by: Joe Evans

Article Overview: We often find that small business leaders are intimidated by management consulting firms and others who offer strategy planning services. Whether they believe it’s too expensive or that they’re too small to benefit, or simply that they lack the time and energy to focus on strategy planning, it is certain that companies of all sizes can benefit from a structured strategy planning process.

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Is strategic planning for small businesses, or only the “Fortune-ate”?

We often find that small business leaders are intimidated by management consulting firms and others who offer strategy planning services. Whether they believe it’s too expensive or that they’re too small to benefit, or simply that they lack the time and energy to focus on strategy planning, it is certain that companies of all sizes can benefit from a structured strategy planning process.

Here’s why:

Only half of all small businesses survive more than five years. (SCORE)
Only 30% of small businesses survive beyond ten years. (CNN)
A study of firms found that 85% were still in business after three years, if they had developed a business plan at the outset. (Moya K. Mason)

The reasons for business failure are far-reaching. So much so, in fact, that we find it more productive to look at factors that cause a small business to succeed. Here are the top qualities we find in successful small companies:

The leaders of successful small companies base their decisions in reality, not on opinions, guesses, or desires.
Successful small businesses focus their planning on no more than five strategic goals.
Successful small companies have goals that are clearly defined and well understood by employees of the company.
Leaders of successful small businesses provide unambiguous direction to the individuals responsible for reaching the company’s goals.
Successful small business leaders enforce accountability when it comes to overseeing the day to day execution of the business. They hold people accountable.
Successful small businesses implement plans that deliver the highest value opportunities first, faster.

Do you know what’s interesting about these qualities? They are the very same qualities we find in the most successful Fortune 1000 companies we work with. So, in fact, the needs of a small business when it comes to corporate consulting and strategy planning are fundamentally the same as those for a large organization.

Ok, I need a strategic plan. Now what?

The questions remain: Can a small business afford to hire a management consultant? How does a small business leader find the time to dedicate to the process of strategy planning?

At Method Frameworks we work with Fortune 1000 companies and small businesses, alike. In our work we have found that once a company buys into the fact that a well-defined and executable strategic plan is critical to success, the priorities tend to shift. The leader finds a way to invest in the process, both in time and expense. We also find that many small companies are surprised to discover how affordable our consulting services can be. We bring a proven approach to planning that enables us to cost-effectively apply our approach to any size business. There’s no need to reinvent the wheel for each client, even though each business presents unique challenges, so we’re able to provide our services affordably.

In the end, if you’re a small business leader seeking to turn your company into one of the “Fortune-ate” ones, a commitment to planning is essential.

* * *

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Learn More Let us show you how to realize 140%+ ROI on your strategic planning efforts through our unique Plan4^SM process that brings together strategy and execution into a powerful plan. Plan4 is our proprietary business planning process that involves an integrated set of actions designed to help companies gain sustainable advantage. Download our brochure to learn more about Method Frameworks and our services or download our Plan4 Planning Process Overview.

You can contact Method Frameworks at 877-317-5264 (877-31PLAN4) or follow this link to request a meeting with a planning consultant. Check our articles and blog often at www.methodframeworks.com to get many more planning tips and information about our Plan4 process.

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About the Author: Joe Evans
RSS for Joe's articles - Visit Joe's website

Joe Evans serves as the President and Chief Executive Officer of Method Frameworks.

Method Frameworks provides management consulting services to commercial enterprises with strategic and operational planning solutions using the firm’s proprietary Plan4 process. Visit Method Frameworks at www.methodframeworks.com.

Joe is a published author, frequent speaker and recognized expert in co rporate strategic planning. To contact Method Frameworks about scheduling Mr. Evans about an upcoming speaking engagement, visit www.methodframeworks.com/business-speaker or email requests to media_relations@methodframeworks.com.

Want more corporate strategic planning insights? Read Joe's blog. Also, request to join the "Strategic Planning Xchange" now by following this link to the Strategic Planning Xchange.

Click here to visit Joe's website

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