Strategic Planning Is The Compass For Your Business
In our last article, “Examining How a Private Equity Partnership Can Help Your Business Grow”, we emphasized the priority of business ownership in growth. Growth can look different for each operator depending on why you are in business and your appetite for risk. And the only way to determine the growth that’s best for your portfolio is to first start with proper strategic planning.
We define strategic planning simply as, “know where you want to go and how to get there to end up in the right place.” We often find multi-unit franchisees do a solid job in planning at the beginning of the business. But too often it is a one and done, and before you know it, the vision and even the personal motivations have changed. This can result in going off the rails and ending up in a place you are not sure you want to be.
Strategic planning is critical because it’s the compass for the future of your business. It helps to generate long-term action goals for you that include operating methodology, recruiting talent, and effective business structuring. In short, it builds value in your organization, as well as a foundation to weather any scenario or storm. With Covid-19, and the ongoing unknowns, we can leverage so much of what we are learning.
Covid-19 is teaching us new ways to go about business – things we have never had to think of or do before. These learnings should be incorporated into a revisit of your strategic plan. For example, here are some key questions to consider as you look forward to what’s next:
- What does the new normal look like post Covid-19?
- What should you be sharing as a leader in times of crisis?
- How to navigate my family business if some (or all) family do not want to be involved?
- What are some strategies for addressing uncomfortable subjects during times of stress?
- How can my business, which depends on customer interactions, thrive in Covid-19 (or other pandemics)?
- Do you know what your retirement needs are and/or if you should start planning for transition?
Beyond these questions, you may find other potential gaps due to a lack of strategic planning. For example:
- Vision conflict between family and leaders
- Unclear mission, vision, and values for your employees
- Low employee engagement and motivation
- High turnover
To see where you stand, download the strategic planning section of our Succession Matrix guide to self-diagnose.
We are finding that many business owners are just so unsure about what to do in uncertain times that there is a sense of planning paralysis. The good news is you are not alone and there are solutions to help you navigate the unknown while still holding true to your vision, mission, and the future growth of your franchise.
Kendall Rawls knows and understands the challenges that impact the success of an entrepreneurial owned business. Her unique perspective comes not only from her educational background; but, more importantly, from her experience as a second-generation family member employee of The Rawls Group - Business Succession Planners. For more information, visit www.rawlsgroup.com or email email@example.com.
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