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Strategic planning is important for all businesses, but it may be more important for small businesses. This is because their owners and operators may be less clear as to where they are trying to go with their business and how they are trying to get there.
Strategic planning allows everyone in a firm to know what the firm’s goals are and how it intends to achieve those goals. If a firm has a strategic plan, it is less likely to waste resources and effort on trying to do things that are not beneficial to it. It is more likely to know exactly what its goals are and to focus firmly on those goals. Thus, a strategic plan helps a small business know what its goals are and it helps the business pursue those goals efficiently.
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