NFIB

Plan Now for Company Growth
12/ 08/ 2003

by Vicki Gerson

What direction is your company heading next year? If you're not quite sure -- or uncertain of the right course to get there -- it is time to determine a solid strategy for your business.

Put aside a substantial amount of time -- perhaps even plan a small retreat -- to get together with key members of your business. As you are developing a strategy and direction for your business, don't fall into phrase traps such as "My strategy is great service," or "our strategy is to produce great products." Everyone makes those claims. Be specific when considering the following:

The future. As the owner of the company, how do you foresee what kind of company you want in five or 10 years? Do you want to grow in size, get a second location or increase your staff? It is important to determine the goals you have for the future and lay out a plan for each year.

Company strengths. Make a list of your company's strengths. What aspects of your business do you do well? For example, is your customer service so good that customers compliment you on it? Maybe your delivery hours are very flexible. Once you determine what your strengths are, you can make sure they are emphasized throughout the company.

Weaknesses. Be brutally honest. Look at your company and determine what you don't do well. Maybe your merchandise selection is too narrow and you're not offering your customers enough options. It could be that you've eliminated some jobs at the company and sales people can't get back to customers as quickly as they did in the past. Once you list all the weaknesses at the company, determine how you will change the policies or eliminate the weaknesses.

Your markets. Identify all the opportunities and challenges that your business could face in the marketplace in the coming years. For example, it may be that you sell technology products, and you see a growing market for these products as more people want picture phones or better technology products in the home. A challenge may exist if you own a small, independent pharmacy. Can you continue to survive when chain pharmacies are surrounding you with stores in every direction?

Strategic options. It is important to develop various strategies if you want to survive for the next five years. Determine your options. Have at least two plans in place and a well thought-out strategy with each plan. Make sure you've listed the pros and cons for each plan.

Make a decision now. Once you have your two plans carefully thought out, make a choice. Select a strategy for the coming year. At the same time, start implementing the strategy and decide what changes need to be made in your business.

Small Business Sound Off
Does this story hit home?  Share your story with us