Retain businesses that stay exist until 5-10 years is quite difficult to do, where the competition was so tight and the world economic crisis who also affect for the business.
And if you want to achieve long-term business success, you need a good business strategy by looking at long term vision, you were compelled to do business every day with enthusiasm and a clear direction.
Strategic planning is about setting a long term goal to develop the business and plans to achieve success in the future. To assist you in making a business strategy, following are the process you might follow :
Understand your current business position, do the business observations both internally and externally which happen to this day such as financial performance, customer satisfaction, sales staff, marketing and sales trends, productivity, etc. Look at the strengths, weaknesses, opportunities and threats which related to your business. Understand the business environment as well, competitor and the market you are aiming. And notice also the political trends, economic, social and technology that could impact on your business.
Long-term business objectives, determine the long-term vision for your business and identify what is to be achieved within 5 to 10 years or the period you select.
The way to get the vision, identify how you will achieve it. Notice in every area of your business, determine what changes to be done to achieve long-term vision. Determine the best way of implementing the change create an action plan of what you should do.
Review your strategy regularly, review the long-term strategy regularly to determine whether the plan is still relevant or not. Having a well though trough long-term business strategy will give you and your business run more focus and directed. This will help you in running the daily business.