3 Reasons Why Small Firm Owners Need a Strategic Plan

Woman drinking coffee thinking about future

October is finally here and the official start of Q4. By this time of the year, most major companies take the time to reassess and check if all their Q1-Q3 goals have been met.  This is also a time when most companies start planning for the year ahead.  If other big companies are doing this, why not small firm owners? 

My friend who recently launched her firm and I were talking and I asked her what her long-term goals are. She told me that she is: 

  • Just surviving the work week
  • Barely managing taking care of myself, the kids, and the household
  • Has so much work and barely making my deadlines

Does this sound familiar to you?

Most firm owners struggle to survive the week but this should not be the case. Now more than ever, we need to take control of our lives and be proactive, not reactive. Here’s the thing, as responsible adults, we carefully plan what colleges we want to apply to, we plan our weddings, plan to have kids, buy a car or home insurance in case of accidents, etc.  But why do most firm owners neglect planning their business futures?

We need to act now.

Here are 3 reasons why we need to have a strategic plan.

1. Navigation map for your firm

You are a business owner and your decision as a leader directly impacts your team, your clients, and your family. Running a business without a roadmap is like driving a car with no clear direction.  It is our responsibility as business owners to take the lead.

2. Planning puts your business in a proactive position

You won’t be making decisions with a reactive mentality, but rather you’ll be in an anticipatory mindset. This gives you a competitive advantage and a better opportunity to grow and succeed.

3. Fall in love with your future (instead of fearing your future)

Imagine if you could sleep comfortably every night knowing that you have created a step-by-step long-term action plan for your business.

Isn’t this the reason why most of us started our own firms in the first place? To take control of our business and personal lives?