Nearly every business owner wants to grow his or her company, but with growth comes risk, and that can keep you from taking the steps necessary to move forward. Yet if you don't think be enough to develop a long-term strategic plan, you'll likely continue to spin your wheels.
In over 20 years of practice, Mowery & Schoenfeld has never stopped pushing for the next step. We've always operated on the philosophy that to be a bigger Firm, we have to act like one. In doing this, we've always focused on a few key concepts to drive us forward. For example, from day one, we've had an assurance department (even when it was only Keith) and a tax department (Jeff, of course), and we started college recruiting like the large frim we came from.
Systematic, formal planning
Some companies may be able to run "lean and mean" for a while but, eventually, most businesses need to grow. And a reasonably ambitious, long-term plan is the first step. It will allow you to communicate a nuanced, specific vision for growth down the organizational chart.
Planning should extend to employees, too. What's each worker's expected role in your strategic vision? This is why annual performance reviews are so critical. They'll help you gauge whether each employee is meeting or exceeding management's expectations - or whether he or she is truly contributing to your long-term plan.
Eyes on profits and value
Public companies answer to investors who consider earnings per share and stock price to be key indicators of their return on investment. Maximizing earnings is a short-term goal, but building value requires a long-term focus.
Many small to midsize businesses rely on their ownerships vision to motivate them, and have the advantage of being able to sacrifice the short-term for the long-term if it's what's best for the company. You also may have to operate much leaner, with more limited staff and overhead than a large or public company. In doing so, you may sacrifice value-building opportunities.
For example, a company that fails to invest in marketing may lose market share to a competitor that aggressively advertises and offers promotions. Or a business that hires managers only from within or chooses candidates based primarily on minimizing salary expense may lose out on the professional expertise that comes with a more seasoned management team. Keeping your vision locked on your long-term goals will help you frame all of your decisions to maximize your growth potential.
The right goals
Again, don't be afraid to think big. A tentative or half-hearted long-term strategic plan may leave you disappointed - and fail to truly motivate anyone. Thinking and acting big has helped Mowery & Schoenfeld succeed over the past 20 years - let us help you choose the right goals and put them into a feasible, reasonable financial context.