BizTips from SCORE – Thinking and Acting Strategically

BizTips from SCORE – Thinking and Acting Strategically

Small business owners have a lot to think about, but thinking about the future, planning for the future and acting decisively to prepare for the future is the difference between managing strategically and just surviving.

WHY?  Shaping the future.

• What trends could impact the Cape’s economy and your business?
• Why should you pursue specific markets, products or services over others?
• Is our current mission relevant or does it need to evolve?
• What risks or opportunities can arise and how should we prepare for them?

HOW?  How will you organize to compete effectively?

• How can you differentiate yourself from the competition?
• How will your strategies address changes in customer needs?
• How can you leverage your strengths to capitalize on opportunities?
• How can you foster creativity to stay ahead of the competition?

WHAT?  What will you specifically address your marketing, operations and financial objectives?

• What specific actions are required to achieve your strategic objectives?
• What resources are needed to address your strategic objectives?
• What are the timelines, milestones and metrics you will use to determine success?
• What is your Plan B, in case the original plan doesn’t work?

Contributed by: Marc L. Goldberg, Certified Mentor, SCORE Cape Cod & the Islands, www.score.org/capecod, 508/775-4884.  Free and confidential mentoring and educational webinars.