Strategic business plans often fail because the necessary steps to reach the goals were not clearly defined prior. Now, think about the last time you made a goal or a plan for your business. Did you think through the incremental actions needed to get there, such as the resources, people involved, or possible roadblocks?
Strategic planning is a systematic process of defining your business's direction and making decisions on how to allocate resources (time, money, and manpower). It's a blueprint for how your business plans to achieve its long-term goals and objectives.
For contractors and those in the remodeling business, strategic planning becomes even more essential. The remodeling niche is marked by cyclical demands, evolving customer expectations, and strict regulatory requirements. Without a solid plan, businesses can get lost in the chaos, losing out on growth opportunities or, worse, becoming obsolete.