The strategic planning process significantly impacts the annual results of a business. It provides a roadmap for the business to follow throughout the year, setting clear goals and action plans. Starting the process early, ideally in the middle of the fiscal year, allows for adequate time to brainstorm, set goals, and develop an action plan. This ensures the business is ready to start the new year effectively. If the strategic planning process is delayed, the business may find itself behind schedule, which can negatively impact annual results. Furthermore, early planning allows for last-minute, unexpected course corrections, ensuring the business stays on track to meet its annual goals.
Without a roadmap, a venture has little chance of a successful transition from point A to point B. W...
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