Small Business Planning ? 3 Myths
- Arnold Shields
- Feb 2, 2010
- 2 min read
Updated: Jun 23
Up to 70% of SME Owners Have No Strategic Plan | Here’s Why That’s a Problem
Many small and medium-sized business owners operate without a formal strategic plan. That means:
No clear direction
Constantly shifting priorities
Confused employees
Unattainable goals
Without a plan, it’s easy to fall into reactive decision-making and miss out on opportunities. So why don’t more SME owners develop this vital tool? Here are three common myths, and the facts that bust them wide open.
Myth 1: “My business is too small to need a strategic plan”
Reality: From sole traders to growing teams, every business benefits from having a roadmap.
A strategic plan helps you:
Decide where to invest your time and money
Evaluate marketing and networking opportunities
Communicate your vision and goals clearly to your staff
Monitor performance and make improvements
Even if you’re operating out of a home office, your business is still a business, and it deserves a clear direction.
Myth 2: “It takes too long to produce”
Reality: A strategic plan doesn’t need to be a 100-page report. It starts with taking time out to work on your business, not just in it.
Yes, you’ll need to collect information about your operations, market trends, and customer behaviours. But with the help of a trained advisor, it’s a straightforward process. Tools like a SWOT analysis can speed up strategic thinking and provide clarity.
Remember: Strategy operates at a high level. You’re not listing every task. You’re setting direction. For example:
Goal: Grow revenue by 7% annually
Strategy: Launch a new service line to diversify income
Once the strategic direction is clear, the operational details will follow.
Myth 3: “The plan will be outdated by the time it’s done”
Reality: Strategic plans aren’t set-and-forget. They’re living documents that evolve with your business.
Review your plan monthly. Hold regular check-ins with your team to assess progress. Track key metrics. Adjust as needed.
It’s not about writing a perfect plan, it’s about using it. Plans only work when they’re active and integrated into your business operations.
Treat Your Business Like a Business
The most successful SMEs don’t stumble their way to the top. They plan for it. A formal strategy gives you the structure, clarity, and accountability you need to grow sustainably.
Businesses that succeed do so with intention. Those that struggle often lack direction.
Don’t let a myth hold you back, create your strategic plan and drive your business forward.
Used with permission of RAN ONE
Disclaimer:
The information provided in this article is general in nature and does not constitute personal financial, legal or tax advice. While every effort has been made to ensure the accuracy of this content at the time of publication, tax laws and regulations may change, and individual circumstances vary. Dolman Bateman accepts no responsibility or liability for any loss or damage incurred as a result of acting on or relying upon any of the information contained herein. You should seek professional advice tailored to your specific situation before making any financial or tax decision.
