Does Your Small Business Have a Strategic Plan?
Developing a meaningful Strategic Plan is a dark art. Most corporate Strategic Plans are filed somewhere and ignored after leaders spend considerable sweat and tears developing them. Yet, a company that does not have a living, ever evolving Strategic Plan runs the risk of using a revenue goal as they only guiding force for deciding what to bid, how often to bid and who to hire. A revenue goal is not effective for inspiring employees to be innovative and passionate about their work. Nor is it discerning enough for making good bid decisions. Bidding everything is expensive and lowers your win probability. Bidding with precision using a repeatable bid scoring method that aligns with your Strategic Plan will produce better results with your limited small business resources.
Create your Strategic Plan from the passionate place that caused you to start your small business in the first place. Identify what you're good at as a company and then go about five years out into the future and create how your company will look, who will work for you and what size you will be at that point. Then work backwards to determine what kind of customers and work you will pursue to reach that five-year state. Then, you can more clearly make bid/no bid decisions because you are targeting a defined future. That's a Strategic Plan you can use. Most importantly, share that future with your employees so they feel like they are part of something exciting.