Most business owners have an idea where they want to be in 3-5 years. If not, this is even more important for you. The key to this process isn’t so that your 3-5 year plan is set in stone. What revenue, profit, growth rate and market cap do you wish to achieve in 3-5 years? Market cap refers to what your business will be worth. You may be a long way from retiring or selling your business however there’s no time like the present to begin planning for succession. Knowing the market today for your business, the multiples that drive the value of your business, you can prepare for the future and even build the business growth toward the favourable business cycle that drive potential business sales.
In this same column as your 3-5 year plan is your sandbox. Your sand box is a marketing decision that focuses on the answer to three questions:
- Where will you sell? [Sales Territory]
- What will you sell? [Product Lines] and
- Who will you sell to? [Customers/Distribution Channels]
The Strategic Planning Process
Nowadays in highly competitive environment the business have to follow their “Road Map” to be successful. In other words, engage in Strategic Planning that clearly defines the company’s objectives. Strategic planning process involves defining a mission, establishing goals and objectives, and creating strategies to attain those goals and objectives.