Entrepreneurs often skip strategic planning when developing and growing their businesses.  They mistakenly think they only need a marketing plan to build a successful and profitable business.   However, well-crafted strategy is a foundational building block for a sustainable, long-term business model. 

The four most common reasons cited by entrepreneurs for not developing a strategic plan are:

• It is for big corporations not for entrepreneurs or solo-professionals.
• It takes too long to create.
• Not sure why a small business owner needs on.
• If there is a marketing plan, why do we need anthing else?

The most important reason every entrepreneur needs to develop a strategic plan is to set direction for the business. 

Setting strategic direction facilitates making decisions on allocating company resources, including time and money.  It also provides a litmus test for pursuing joint ventures, strategic alliances and other business opportunities. And, it does this because  every component of  the plan deals with the following three questions:

• What do we sell?
• To whom do we sell it?
• How do we beat the competition?

By answering these three questions a clearly defined strategic direction can be developed.  In the process of defining the strategic direction of the company, the mission and vision of the business become very clear.  Additionally,  the plan provides goals and measurable objectives for the business. 

Developing a comprehensive plan does not have to be difficult.  The process can be streamlined into a few weeks of focused time for brainstorming, researching and writing.  And, It does not have to be done all at once.

Strategic Planning Success Tip: it is best to engage objective colleagues throughout the process to provide different perspectives - perhaps, a coach, consultant or a mastermind group.  So, enlist some colleagues and begin creating your strategic direction today.

These are some of the strategies and tactics I have used with entrepreneurial CEOs, solo-professionals, and small business owners to build long-term, sustainable businesses. Now, I invite you to find out more about developing a strategic plan and direction for your business by visiting http://AmeliaBrazell.com, the strategy source for Entrepreneurial CEOs, solo-professionals, and small business owners. While at the site, grab a copy of ExpertPreneuring: 6 Steps to Turn Your Expertise into Income. From: Entrepreneurial Business Strategist and President of Strategy Source, Inc, Amelia Brazell Article Source: http://EzineArticles.com/?expert=Amelia_Brazell