On a scale of 1 to 10, having a good business strategy rates about a 15!
No matter what kind of business you have – whether you sell products or a service, as the saying goes, "If you fail to plan, then you’re really planning to fail."
Creating a strategy can mean the difference between you working 60 to 80 hours a week all year long – and then breaking even, or worse, losing money.
On the other hand, many successful entrepreneurs who have a strategy work fewer hours and make piles of money – and they usually attribute their success to having a strategic plan and following it.
So what is strategic business management? Very simply, it’s the process of defining the goals and objectives for your business, creating an action plan so you can reach them, and then following the plan.