The majority of small business owners created a business plan as part of their overall launch.
But with the day-to-day of running the business, a lot of time goes by before you refer back to that plan—if at all.
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Much can happen in the business during those years: priorities may have shifted, you added new products, key staff came onboard or moved on.
Suddenly, you realize that your course has changed as an organization, but your long-range plans aren’t updated to reflect the new direction you’re taking. Business strategy means having a long-range plan and milestones along the way that ensures you get there. And it should be something you do year in, year out.