Why strategic planning matters more to growing businesses Taking the decision actively to grow a business means embracing the risks that come with growth.
Spending time on identifying exactly where you want to take your business - and how you will get there - should help you reduce and manage those risks.
Try to find a mix of creative thinkers and those with a solid grasp of operational detail.
A good rule of thumb is that you shouldn't try to do it all yourself.
These models provide a simplified and abstract picture of the business environment.
SWOT (strengths, weaknesses, opportunities and threats) analysis is probably the best-known model and is used by both smaller and bigger businesses in the for-profit and not-for-profit sectors alike.
It will help you prepare a realistic vision for the future of your business and in doing so can maximise your business' potential for growth.
A strategic plan should not be confused with a business plan.
But don't neglect the outcome - it's also important to make sure you capture the results in a strategic planning document that communicates clearly to everyone in your business what your top-level objectives are.
Such a document should: Strategic planning is about positioning your business as effectively as possible in the marketplace.