A key foundation for a successful business in this competitive environment. Strategic planning should involve your key management people in a facilitated session to review, discuss, and strategize the direction of your organization.
Among the areas that need to be reviewed are:
- Industry analysis. A competitive overview of what is happening in your field. What threats are potentially ahead? Likewise, what opportunities need to be taken advantage of?
- A competitive analysis. This will identify your present competitors and possible new ones as well. What are their strengths/weaknesses? How do you maintain a competitive advantage over them?
- Target audience. This will identify and quantify your customers. Who they are, why they come, what are their spending habits. Do you go for the non-users or try to increase repeat business?
- Needs analysis. From people to equipment and financial support. What will you need to continue to build your business into the future?
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