A small business owner can build their own strategy without hiring expensive consultants. Use data, experience, and research to decide where to spend money and time. Harvard Business School defines strategic planning as documenting your intended direction with existing knowledge.
What do you need to grow your small business? A solid strategy. According to Harvard Business School, strategic planning is using available knowledge to document the intended direction of your business. In strategic planning, you use data and analysis from your experience and the research you do to prioritize your efforts and allocate your resources to be laser-focused on reaching your business goals. The best part is that you don't need to hire big management firms to draft you a plan. At this stage, you can do it yourself. You probably already have some sort of strategy, but it may just not be deliberate.
