Many Colorado businesses are entering into their strategic planning phases for the upcoming year. These businesses can make their plans ones that are more effective, propelling them forward rather than only enjoying incremental growth.
A mistake many business owners make with their strategic plans is not looking forward enough. Instead of only considering the upcoming year, it is better for the owners to instead visualize where they would like to see their businesses a few years down the road. Having a strong, overarching vision for the business can make it easier to plan how to get there. Without it, strategic planning may be unmoored, leaving the company only inching forward.
After a good vision is in place, dividing it up into strategic goals that can get the business there is the next step. Owners should try to limit the number of goals that will be tackled in a year to four or five. Doing so allows the business to devote more time and resources to meeting the goals. Finally, once the goals are in place, devising the specific strategies and steps that will be used to accomplish them is the next step. Owners may assign key personnel different tasks that are measurable and that can help the company meet its goals.
One part of planning that should not be overlooked is that there are a variety of legal concerns with growing a business. An attorney who has experience with providing advice and counsel to emerging companies can outline the regulatory compliance issues that are likely to arise as a company grows and takes on more employees.