Many small businesses are in great need of planning and different strategies to make their business operations more successful. The high rate of small business failures makes the need more urgent. Different strategy planning provides the answer most business owners and operator asked. In strategic planning for a small business the major objectives of the organization are determined and strategies are formulated. Strategic planning and strategy management and control are the major components of strategic management.
Strategic planning consists of assessment to organizational strengths of the business, weaknesses of your business, a great opportunity you may find and there is always a threat, formulation of organization mission, formulation of organizational philosophy and policies, determination of strategic objectives and determination of organizational strategy. Small business falls under any of the following strategic situations when entering a new business, when the business is already in operation for some time, and competing with big companies. Important it is, small business operators often ignore strategic planning for various reason