Went I was running a large tech company it seemed natural that we had a strategic plan and that we reviewed and updated it regularly. Sure – when I started Clearly Coworking I put together a detailed plan and laid out where I expected the business to be over the course of 5 years. But honestly, I have not gone back and done anything with it since then. Now that I’m running a small business with myself as the only full-time person and two part-time workers, the thought of setting aside several days to work on this seems daunting. As businesses owners, we all know our days are already 12 hours long! In our heads, we know everything including where we want the business to be 5 years from now. Right?

But how much has changed to the environment around me since I started and first put together that sparkly strategic plan? A lot! Coworking was in its infancy back in 2013 when I founded the company. There were only a few thousand coworking spaces around the world at that time. Now, there is one in almost every city around the world. So I’m guessing if I went back and looked at my original assumptions and plans, I’d find them to be outdated and/or incorrect.

Most of us face the dilemma of “working IN your business vs being able to work ON your business”. Writing a strategic plan clearly falls in the camp of working ON your business.

So sharpen your pencils and get to work.

What Is Strategic Planning?

The top challenges for small business owners in 2017 were: Strategic planning misconceptions There are many misconceptions with strategic planning. From not having enough time or thinking it only benefits larger businesses, to fearing you'll put your business on the wrong path, there are a variety of reasons why business owners may be wary of strategic planning.