Key Issues in Running Your Business

4. Strategic Planning

It is easy to get bogged down focusing on the short term, so you must make time for 'big picture' strategic activities which will improve the overall health of your business.

4.1 Work towards long-term goals.

See Increasing profitability, Creating a valuable business, and Planning your exit from your business.

• Focus on the key factors which determine the long-term success of the business. See Key performance indicators.
• Use techniques which will help you assess and improve the overall health and performance of your business. See SWOT analysis, Benchmarking, and related titles.

4.2 Use a forward-looking business plan to set out how you will achieve your objectives.

See Writing a business plan.

• Review and update the plan regularly.

4.3 Keep moving ahead. See Innovation and New product development.

4.4 Continually monitor key external factors which affect your business.

• For example, changes to your marketplace, or what the competition is doing.

4.5 Plan for your personal long-term security.

4.6 It is easy to neglect your core activities when you are buying or selling a business.

See Buying a business, Selling a business, and similar titles.