As we move into the 4th quarter of 2019 savvy business owners are looking ahead to their business prospects for the year 2020. Now is the time to begin looking at strategic planning for the upcoming year.
Here are 5 simple yet strategically sound steps to help plan for a successful 2020:
2. Examine the company’s current state. Conduct an honest and introspective analysis of how things are progressing in 2019. Are goals being met? Are challenges being overcome? Are we moving in the right direction? Answers to these questions will provide business owners with the information they need to make sound course direction adjustments for the future.
3. Envision the company’s future state. As a business owner, what do you want the company to look like at the end of 2020? What steps need to be undertaken to ensure we meet our goals? This step in the strategic planning process helps business owners craft their vision of a successful 2020 and beyond.
5. Complete Performance Improvement Plan (PIP) and accountability matrix. The PIP will serve as the roadmap for measuring improvement and the accountability matrix will detail who is responsible for what and when. This will serve as the foundational strategic building block for driving the business ahead in the upcoming year.
Yes, strategic planning can be cumbersome but it is also a very necessary component of business success. Completion of this comprehensive 5-step strategic planning process will help forward-thinking companies hit the ground running in 2020.
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