To many people, strategic planning is something meant only for big businesses, but it is equally applicable to small businesses. Strategic planning is matching the strengths of your business to available opportunities.

To do this effectively, you need to collect, screen and analyze information about the business environment. You also need to have a clear understanding of your business — its strengths and weaknesses — and develop a clear mission, goals and objectives.

Acquiring this understanding often involves more work than expected. You must realistically assess the business you are convinced you know well.

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