STRATEGIC PLANNING
The old Newhart show (CBS, 1982 to 1990) had a couple of characters who ran a business called “Anything for a Buck.” This wasn’t the type of business most investors would be interested in, but it resembled many businesses that operate without a clearly defined road map. One of the recommendations I regularly make to clients when I start working with them is to either take the time to create a strategic road map or change their name to “Anything for a Buck!” It’s easy to become defocused by chasing near-term revenues.
“But all revenues are good revenues, right?” The problem with this is the risk that chasing near-term revenues will divert resources from completing the strategic activities required to achieve the long-term goals ...
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