Running a small business is exhilarating, but let’s be honest: without a solid plan, it’s easy to feel like you’re just keeping your head above water. What separates thriving small businesses from those that struggle is often not just the quality of their product or service, but how well they plan and execute. Let’s break down how you can build a planning process that drives growth, using practical steps and real-world insights
The Foundation: Understand Your Situation
Before jumping into planning, small businesses need to take a step back and assess their current reality. This is what big brands like Diageo, Nike and Unilever do with their brands: they constantly evaluate market performance, competitor activity, and consumer trends.
For your business, start with a simple situation analysis:
- Market Position: Where do you stand compared to competitors? Are you a market leader, a niche player, or an emerging contender?
- Consumer Trends: What are your customers asking for? What pain points can you solve that others aren’t addressing?
- Internal Strengths & Weaknesses: What does your business do exceptionally well? What bottlenecks slow you down?
A quick SWOT analysis can be a game-changer, revealing both opportunities and potential threats you need to mitigate.
