What do you think of when you hear the term “strategic planning?” For a lot of you, I imagine you view it as a large concept with a long definition and many sequential tasks or steps. I want to make strategic planning easier for you. This “big picture” topic will be part of a new series that can be found in the upcoming KT Addition newsletters. I am excited to explore with you just what strategic planning is and how to begin the conversation. This series may offer brand new concepts for some while gentle reminders for others.
Do you find yourself working your tail off to survive and get through today’s “to-do” list? Yes, that is necessary. But, it is crucial that we also ensure a successful tomorrow versus only worrying about today’s survival. How do we do that? We ask the tough questions. We must take time to have scheduled “big picture” discussions with management. We begin these discussions by strategically planning each week, month and year so that tomorrow is easier.
Here is a list of questions that will be covered in this series:
- How might a buyer consider valuing my company?
- What is driving the value of my business?
- What risks are negatively impacting the value of my business?
- What is happening in the marketplace within my industry?
- How do we measure up from a financial standpoint with other companies like us?
- What are the intangible assets that don’t show up on a balance sheet?
- What can we do to enhance the future value of the company?
- What do I need to know about succession planning or exit strategy?
I will provide answers to these questions as we explore strategic planning together in upcoming newsletters. So stay tuned. In the interim, please contact me with any Business Valuation questions you may have!