How often?

That is a tough one. I am in a COSE Mind Share group and we discussed this topic. It seemed like for most people in my group that strategic planning was a major event.

In my business, I have tried to make it a continual process where I can take small steps on a regular basis instead of trying to take large leaps once in a while.

It is not easy and some weeks it doesn't happen. But constantly jotting down ideas and then taking at least an hour a week to merge those into a larger strategy can be an easy way to keep up.

I think for any leader in a business, strategic planning is a must and the main part of the job description. Especially for small business owners and entrepreneurs.

A good book to read on this subject is "The E Myth" by Michael Gerber. E stands for Entrepreneur and it discusses a business owner as either a technician, a manager or an entrepreneur and how those "personalities" and mind sets effect what you do on a daily basis and how that effects your business.

An entrepreneur develops strategies, plans implementation and then manages implementation with constant analysis and redevelopment of strategy. A technician says there is too much to do and is too busy as an employee of themselves to be an entrepreneur.

Hi Andy,
I find myself constantly reveiwing my strategy and amending it on almost a daily basis primarily in discussions with other people, and as I become aware of new opportunities, or evaluate past events, etc. But I really don't ever sit down and write down the strategy. I do know what I want to do, the approximate timeline for getting there, and how I want to do it. I also evaluate opportunities constantly, and whether my current activities lend themself to my goals. As my business grows, I find that actions I have taken over past months to network and grow my business are not necessarily beneficial to me anymore. I actually just made a decision like that to discontinue a small show that I am doing. I tend to think in chunks of time matched to events and promotions--both in weeks, and months, then what the next phase is of my business a year from now or 2 years from now. How much time is necessary to spend writing it down? It gets updated and adjusted constantly?

I would think the time spent depends on the business. A small sole-proprietor versus a fortune 500 would have very different approaches. Also, depending on the type of business. We develop software for small businesses and the packaged offerings that we have need to be planned well in advance for many reasons I will not get into.

But, in general, I think that having a written down plan is very important to success. It develops a solid foundation for you and as you grow for other employees to understand the goals and future of the business.

I am like you as I am sure most business owners are, I have new ideas and lessons everyday that I incorporate. Not everyone gets written down, but I try to make it a point to keep it physically updated so I understand where my business is going and what it will take to get it there.

I think that for my business, I will have to plan cyclically and do most of it in the winter after the holidays. Then just adjust it in the rest of the year when I am busier.