Business planning and strategy for small businesses is about setting a clear direction and making informed decisions. By understanding your strengths, customers, and market position, you can prioritise effectively and lay the groundwork for sustainable growth.
By clearly defining your strategy, you make it easier to prioritise tasks and build the foundations for business growth. You need to focus on the strengths of your business and how you are different from your competitors. Ask yourself:
- What is my business?
- What makes us different from the competition?
- Who are our customers? Will they buy our product or service? At what price?
- How will we sell and market our product or service?
- Why have we decided on these approaches?
There are no correct answers—just the right ones for your business. The goal of business planning and strategy for small businesses is to help you understand what you are doing and why, so you can move forward with confidence.
