For many small, independent businesses, thinking strategically about the future -- particularly during times when you’re caught up in the day-to-day -- can be tough. For those smaller business owners asking, “Do I really need to go through all the trouble of strategic planning?” Jewelers of America’s David Peters says it is imperative “if you want to keep your doors open and prosper.”
Peters’ says small business owners should consider the following factors, and start creating a business strategy now:
- Improve Competitiveness: The world is changing rapidly, making business management more challenging and complex. Small jewelers find themselves competing with big-box stores, large chains and ubiquitous Internet retailers. Strategic planning will help you foresee and react quickly to changes in the business environment.
- Understand All Aspects of Your Business: Good financial control is critical, but not enough. In addition to budget, all aspects of your business need goals and objectives to determine the future direction of your company.
- Empower Employees: You can use strategic planning to involve employees in appropriate areas of your business, so they share and support your store’s goals.
- Build Better Business Partnerships: A strategic plan fosters better communication with suppliers, bankers, investors, consultants and customers.
Take The Tip:
For many small business owners, understanding where to start is the biggest obstacle to creating a business strategy. The 2009 Jewelers of America Cost of Doing Business Report gives jewelry retailers the data and tools to benchmark their business against industry peers and high-profit performers. Click here to learn more.
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