What Are the Benefits of Long-Term Strategy & Retreats?

BySteve Milano

Strategic, long-term planning benefits a small business by allowing it to be proactive in its growth, rather than by simply reacting to market conditions. Retreats are an efficient way to create a long-term plan, as they eliminate distractions caused by working on-site. Depending on where you hold your retreat and what extras you offer, you can improve your status as an employer of choice.

Less Risk

  1. Implementing a new direction for your company without the time to test and tweak your ideas requires you to roll the dice on an initiative. Committing to a short-term schedule for a product launch or change in operations may not allow you to make adjustments based on the results you see occurring. Set long-term goals that let you track results and make any necessary adjustments.

Spreads Costs

  1. Long-term strategy allows you to budget over a longer period for new initiatives. Trying to fund a new product line or division with cash on hand may not be possible. Using a loan to create something new increases your costs by adding interest. Budgeting a portion of your revenues or profits over a period of several years allows you to properly fund new initiatives without weakening your current operations or financial position.

Allows Test Marketing

  1. A long-term strategy lets you roll out changes in phases and in smaller, more manageable segments. If you change the price of a product or add a new item to your line, do so in only one or two geographic areas to gauge the results. This cuts your losses if the initiative doesn’t work, or allows you to make a change to your strategy before you commit all of your funds to it.
  2. Read more https://smallbusiness.chron.com/benefits-longterm-strategy-retreats-12871.html

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