A well-planned strategy is central to every business and the key to its success. In a paper by William P Cordeiro on strategic planning, Cordeiro elaborates on the benefits of strategic planning for small and large businesses. Effective strategic planning helps firms in understanding the environment they are operating in, improve their competitive position and prepare for future environments. According to him, smaller firms do not pay enough attention to strategic planning because of the daily demand of running their business. Cordeiro recommends committing to a formal process, research, realistic assessments of the environment, good communication and implementing the changes planned to build an effective strategy. So if you want to stay ahead of competition, a well-researched, smart and effective strategy is all you need.
Title : Small Businesses Ignore Strategic Planning at their Peril
Source : Social Science Research Network