What do you think of when you hear the term “strategic planning”? For a lot of you, I imagine you view it as a large concept with a long definition and many sequential tasks or steps. I am excited to explore with you just what strategic planning is and how to begin the conversation. These “big picture” topics will be part of a Strategic Planning series. This series may offer brand new concepts for some while gentle reminders for others.
Do you find yourself working your tail off to survive and get through today’s “to-do” list? Yes it is necessary to complete those tasks. However, it is crucial that we also ensure a successful tomorrow versus only worrying about today’s survival. How do we do that? We ask the tough questions. We must take time to have scheduled “big picture” discussions with management. We begin these discussions by strategically planning each week, month and year so that tomorrow is easier.
Below is a list of questions to get these conversations started and the topics I will cover in this series:
How might a buyer consider valuing my company?
What is driving the value of my business?
What risks are negatively impacting the value of my business?
What is happening in the marketplace within my industry?
How do we measure up from a financial standpoint with other companies like us?
What are the intangible assets that don’t show on a balance sheet?
What can we do to enhance the future value of the company?
What do I need to know about succession planning or exit strategy?
I look forward to exploring these strategic planning topics in upcoming articles. In the interim, please contact me with any Business Valuation needs you may have!