Strategic Planning is the compass for your business
Growth can look different for each multi-unit franchisee operator depending on why you are in business and your appetite for risk. And, strategic planning process is a key way to determine the growth that’s best for your portfolio.
In general, we find multi-unit franchisees do a solid job in planning as they launch their business. The inspiration to create and build something from nothing is exiting, and to bring meaning to the effort, noodling around with your mission, vision, growth goals and strategy are fun topics to discuss in the beginning. But too often it is a one and done, and before you know it, the vision and even the personal motivations have changed.
Strategic planning is critical because it’s the compass for the future of your business. And reviewing the plan to confirm where you are going is still relevant based upon changing feelings, family and finances is essential to turning your vision into reality. Strategic planning helps to generate long-term action goals for you that include operating methodology, recruiting talent, and effective business structuring.
Covid-19 is teaching us new ways to go about business. And, these experiences should be incorporated into a revisit of your strategic plan. For example, here are some key questions to consider: