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A Strategic Plan

As a business owner you face may 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 cases 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.

These weekly articles are designed to stimulate thinking about the process of getting yourself personally prepared and your business exit ready and exit attractive for that future buyer. Most owners get one chance to get it right and being ill prepared should not be an option, yet most owners cannot sell the business they built (1 in 10 actually sells successfully) because they did not build an asset. If you must sell your business to fund your future lifestyle, ask yourself – do you want to be the one that does, or one of the nine who could not?

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 to 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.

3 -2023 Article - Strategic Planning Steps
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