Change is truly the only constant in business. While some shifts are easily anticipated, others are less predictable and potentially more impactful. Franchisees can take steps to protect their organizations against the inevitable ups, downs, and uncertainties of the market by developing a strategic business plan.
Most franchisees track cash flow, costs, and other key indicators on a regular, short-term basis. What’s often missing is a formal, longer-term look at what might happen to the organization if various scenarios should come to fruition. That’s where a strategic business plan comes into play.
A strategic business plan enables you to operate your company in an ongoing state of knowledge and alertness. Some might call it “contingency planning,” but strategic business planning doesn’t focus on responding to extreme or unlikely events. Instead, it gives you a data-informed view into what might happen to your business if potential scenarios should become reality and also gives you a roadmap for how to achieve long-term goals.
