Strategic Planning is often a process that is pushed aside by many business owners. Most of the time, many complain that they don’t have the time as they get caught up in their daily tasks. However, it’s essential to take some time every so often to analyze your company and plan for the future; define your vision, develop financial forecasts, and create an action plan for the near future (1-2 years). The business world is constantly evolving which is why it’s important to keep up with the latest trends, IT solutions, market demands, industry policies, etc.
Here’s an infographic by the BDC on the stages of effective strategic planning: