In today’s challenging الإقامة الذهبية في الامارات environment, it is increasingly difficult for small business owners and execs to focus on long-term business strategies for growth and opportunities when dealing with imminent organizational crises.
Every business can be identified with some critical factors that underpin its operations. Whether it is a multi-national corporation, a medium size organization, or a Sole Proprietary business, each of these has its own peculiar challenge and there is no single dosage of “get-well-kwik” prescription that fits all.
There is a mega mismatch of criterion in this instance and the reason is that majority of people are yet to come to the realization that the business planning strategy that works for mega organizations will definitely not be suitable as strategies for small businesses. This misconception came as a result of business-school textbooks and theories which were majorly tailored towards large organizations and people believe that the same theory works for small businesses especially as their ultimate aim is to grow and become large. But it doesn’t work that way.
Every large organization has a responsibility to implement a working strategic business planning system that will help it stay ahead of competition and succeed in business. In order words, large companies must adopt a continuous strategic planning system, comprehensive budgeting and forecasting exercise, SWOT analysis, KPI reporting, and continuous improvement procedures to evaluate their outcomes.
Interestingly, the opposite is the case for small companies. Small businesses should scrap strategic planning; and here is the reason:
• They Don’t Have Time
In reality, small business owner don’t have the luxury of time to invest in days or weeks of strategic planning exercise. He or she doesn’t have huge human resource capability; in other words, the business owner in most cases is the CEO, Marketing and Operations Manager, as well as Customer Service Director spontaneously.
This being the case, the only strategies for small business that is attractive to him are those that point him where the customers are.
• It’s Expensive
The primary focus of every small business is to generate sales, this means that their top teams (if they have more than one) who are constantly seeking 1-2-1 opportunities with prospective customers through business network meetings, seminars, workshops and cold calling strategies cannot afford to be pulled off the road for an intensive business planning strategy as this impacts negatively on their revenues.
• The Benefits Are Short-Lived
The nature of small business is such that it constantly adjusts its business strategies to find the one that suits better. The strategies developed during strategic planning sessions may therefore not serve any meaningful purpose to the business if they have to be changed in a short while.
Okay, so Nkem do you mean that small businesses should operate with their eyes closed to planning? Nope!
If you are a small business owner, what you need to grow your business faster is strategic thinking which is the practice that allows you to respond to every challenge and opportunity in a strategic way. Here are examples.
