Strategies: Get your plan now as we face an uncertain 2009

ByABC News
January 23, 2009, 5:09 AM

— -- Call my office this Wednesday, and you'll get the following message: "The Planning Shop is closed for our annual strategic planning meeting, please leave a message."

Each year I take the staff out of the office and develop a strategic business plan for the year. I recommend you do the same — developing an annual business plan is a key to long-term business survival and success.

Yes, I know you think I may have to do this. After all, we're "The Planning Shop," and publish books and software on developing business plans. So you'd expect nothing less. But we're true believers. It was at an annual planning session that we first identified a new market — colleges and universities — that enabled us to survive the bankruptcy of our former distributor.

Developing an annual plan gives your staff — even if it's just you — a road map for the year ahead. The planning process forces you to take time out to set goals, evaluate changing conditions, and set a strategic direction. And it saves you money! After all, you not only choose your priorities but you eliminate (or postpone) activities that aren't critical to your success.

How can you plan for an entire year, especially a year as uncertain as 2009? Sure, there'll be unexpected road bumps, but in this economic environment, planning is more important than ever.

Yes, this year, there are some special concerns that need to make it on your annual business planning session agenda, including:

• Retaining current customers. Everyone's cutting back this year, so you've got to work hard just to keep the clients or customers you have. Identify ways to stay in even closer touch with your customers.

• Offering lower-priced offerings. Right now, there's amazing downward pricing pressure. Evaluate whether you can come up with a lower-priced offering to retain or attract customers.

• Responding to changing industry conditions. My industry — publishing — is changing rapidly, and we must change with it. What changes are affecting your industry?