Strategic Business Planning – DougFreemanCPA.com

Which leadership skills are essential to strategic planning?

Financial Statements, Small Business, Small Business Owners, Strategic Business Planning, Tax Return / Douglas Freeman

To help ensure continued stability and profitability, businesses need to engage in some form of strategic planning. A recent survey by insurance giant Travelers drives home this point. In its 2024 CFO Study: A Travelers Special Report, the insurer surveyed 610 chief financial officers (CFOs) from companies with 500 or more employees in various industries. One of […]

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Strategic planning for businesses needs to include innovation

(R&D) Research and Development, Innovation, Small Business, Small Business Owners, Strategic Business Planning / Douglas Freeman

When the leadership teams of many companies engage in strategic planning, they may be inclined to play it safe. And that’s understandable; sticking to strengths and slow, measured growth are often safe pathways to success. But substantial growth — and, in some industries, just staying competitive — calls for innovation. That’s why, as your business

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How businesses can reinvigorate strategic planning

Small Business, Small Business Owners, Small Business Tips, Strategic Business Planning / Douglas Freeman

For businesses, and people for that matter, the beginning of the calendar year can be a bit of a grind. The holidays have passed, summer vacations are relatively far off and everyone is trying to build momentum for a strong, healthy year. Amongst all the nose-to-the-grindstone stick-to-itiveness, however, you and your leadership team shouldn’t lose

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Valuations can help business owners plan for the future

Business Valuation, Merger & Acquisition, Small Business, Small Business Owners, Small Business Tips, Strategic Business Planning / Douglas Freeman

If someone were to suggest that you should have your business appraised, you might wonder whether the person was subtly suggesting that you retire and sell the company. Seriously though, a valuation can serve many purposes other than preparing your business for sale so you can head to the beach. Think of it as a

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Look forward to next year by revisiting your business plan

Business Plan, Small Business, Small Business Owners, Strategic Business Planning / Douglas Freeman

Businesses of all stripes are about to embark upon a new calendar year. Whether you’ve done a lot of strategic planning or just a little, a good way to double-check your objectives and expectations is to revisit your business plan. Remember your business plan? If you created one recently, or keep yours updated, it might

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Manageable growth should be a strategic planning focus

Cash Flow, Debt-to-equity Ratio, Small Business, Strategic Business Planning / Douglas Freeman

When a company’s leadership engages in strategic planning, growing the business is typically at the top of the agenda. This is as it should be — ambition is part and parcel of being a successful business owner. What’s more, in many industries, failing to grow could leave the company at the mercy of competitors. However,

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Simple ways to make strategic planning a reality

Small Business, Small Business Owners, Strategic Business Planning / Douglas Freeman

Every business wants to engage in strategic planning that will better position the company to sell more to current customers — and perhaps expand into new markets. Yet the term “strategic planning” is so broad. It’s easy to get overwhelmed by all the possible directions you could go in and have a hard time choosing

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Review your strategic plan … and look ahead

Human Resources, Production, Sales & Marketing, Small Business Owners, Strategic Business Planning, Year End Planning / Douglas Freeman

Business owners, year-end is officially here. It may even be over by the time you read this. (If so, Happy New Year!) In any case, the end of one year and the beginning of another is always an optimal time to look back on the preceding 12 calendar months and ask a deceptively simple question:

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4 red flags of an unreliable budget

Budgeting, Small Business, Small Business Owners, Strategic Business Planning, Year End Planning / Douglas Freeman

Every business should prepare an annual budget. Creating a comprehensive, realistic spending plan allows you to identify potential shortages of cash, possible constraints on your capacity to fulfill strategic objectives, and other threats. Whether you’ve already put together a 2022 budget or still need to get on that before year-end, here are four red flags

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