As a business owner you face many challenges as you start, grow, and then look to transition out of your business. To assist you in your journey, I have crafted a weekly series of short introductory articles, have compiled several case studies that discuss various components of building a successful business, and provide some best practice considerations for growing, and then preparing your business for a successful transition.
In this article, I discuss what a strategic plan is, and the steps used in preparing a strategic plan. As a business owner, it is important to know how to create a strategic plan as it is crucial that a company has direction and goals that drive it forward. A company that knows where it is going, and what it needs to do the get there, has value to the owners, the team, and potential buyers.
While every business has value, the question is whether it has salable value (value to a buyer) and not just to the business owner, as these are very two different perspectives. Having a disciplined process entrenched in the business for strategic planning demonstrates a commitment to building a salable asset.