Small Business and Strategic Planning

A small business is typically defined as having more employees and higher revenue compared to larger firms.

Strategic planning helps define the direction a company will take in the next three to five years.

Micro, small and medium enterprises are considered the backbone of the Philippine economy.

Small businesses have limited resources, limited access to capital, and are not at a competitive disadvantage.

One advantage of small businesses is the ability to offer personal ongoing service to customers.

Strategic planning helps small business organizations identify their available resources for maximum benefit.

The first step in the strategic planning process is to prioritize objectives.

Developing a plan is the third step in the strategic planning process.

Executing and managing the plan is the last step in the strategic planning process.

One of the benefits of strategic planning is to establish direction for the business.