Is the Poor Economy Clouding your Vision?  Consider Using Strategic Planning Tools to Revive Your Business Plan and Provide Clarity Necessary to Move Forward   In tough economic times it is often difficult to concentrate on the future goals of your business while centering on the immediate challenges of maximizing cash flow and managing costs. Focus may become blurred when the external environment undergoes such a dramatic transformation that it renders your existing strategy obsolete. In this volatile economy, strategic planning tools may prove to be an invaluable resource to reviving your business plan and enabling you to gain the perspective necessary to propel your business through these troubled times and onto a path to recovery.    Review your Mission and Objectives   Now is the time to revisit your overall mission. Does it clearly reflect the purpose of your organization? What image does it project to your customers? What tone does it set for your employees? Your mission provides the foundation for your business strategy and with current conditions it may be refreshing to reacquaint yourself with why you started your business and where you want it to go.   Objectives are the goals you have set for your business. They should be measurable, challenging and most importantly, attainable. If your current objectives are not achievable in this economic environment then they will not be effective. Consider tailoring your objectives to the recovery process and targeting goals that are most relevant to your current situation.    Conduct Situational Analysis   Situational analysis is simple process designed to aid in the formation of a strategy appropriate for your business. As part of the initial strategic planning process, situational analysis involves an assessment of the various factors driving your business. It allows you to examine your external and internal environment for opportunities that will help you reach your objectives. Perform a Self Assessment - There are many internal factors which play an important role in the success of your business. An evaluation of the organization’s culture, image, structure, capacity, and resources is critical to developing an action plan.   Contemplate surveying your workforce to identify strengths and weaknesses of your internal structure and elicit opportunities to boost morale and productivity within your organization. Seek Out Customer Feedback - Customers are what drives your organization and it’s important to understand what is driving them as they react to changes in the economic landscape. New expectations may call for a fresh strategy. Benchmarking - What are your competitors doing in response to the change in business climate and how does your business size up? Benchmark key industry data and identify new trends to be certain that your organization is headed in the right direction. SWOT (Strengths, Weaknesses, Opportunities, and Threats) Analysis - In a slow economy, the tendency to invoke a survival mentality may lead to a stifling of opportunity as too much consideration is given to minimizing threats. While understanding your weaknesses and how they relate to external threats to your business operation provides valuable insight, do not forget to identify your strengths and what opportunities can be gained from developing those areas.  Formulate a Strategy for Success   Strategic planning is a continuous process.   With constant pressure to conform to an ever-changing business environment, it is relatively easy to lose sight of where your business is headed. Reviewing your business plan and using situational analysis to formulate an appropriate strategy may provide the clarity you need to turn uncertainty into opportunity.   We at Hughes, Snell, and Co., P.A. are always here to assist you with your business consulting needs. Please contact us to discuss planning opportunities tailored to your specific circumstances. To ensure compliance with requirements imposed by the IRS, we inform you that any tax advice contained in this communication is not intended or written to be used, and cannot be used for the purpose of avoiding penalties assessed under the Internal Revenue Code.