Yes! Strategic planning is a great way to help small businesses plan progress. According to the U.S. Bureau of Labor Statistics, U.S. businesses have a nearly 20% chance of failure within the first year. After five years, the failure rate is almost 50%; after 10 years, it jumps to 65.5%.
With odds such as these, business leaders should explore every opportunity that could lend itself to the company’s success. And developing a comprehensive strategic plan is one of the best ways to do that.