Strategic planning and questions to ask

Illinois businesses are likely gearing up for their strategic planning sessions as they look toward 2017. When owners consider the right questions during these sessions, they are more likely to develop plans that can help their companies to grow substantially rather than inching forward.

Many owners mistakenly believe that good strategic planning deals with short-term goals. It is a better idea to begin by thinking about the big picture for the business and where the owner would like to see the company in three to five years. Having a strong vision can provide focus for the strategic goals that the owner can then set.

Owners should stretch out the goals, trying not to plan for more than four or five per year. Working on fewer at a time allows the business to concentrate more fully on accomplishing them and makes it more likely that real progress towards the vision will be realized. After the strategic goals are in place, the final step is planning the individual duties and tasks that will be needed to accomplish each one. The tasks should be divided up and assigned to key players who can help to meet them.

This type of endeavor is not just limited to seasoned companies. When entrepreneurs are launching a new venture, they will want to draft an overall business plan that includes a strategic plan within it as well. They may want to get the assistance of an attorney who has experience in providing advice and counsel to start-up companies. The attorney can also describe the nature of the regulatory compliance that the company will be facing, both at the outset and as the business grows.

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