Despite the wave of financial crises battling global economic growth, India remains one of the fastest-growing economies in the world. And there's no doubt that the 42+ million SMEs play a significant role in this economic growth story. While that sounds nice, sustaining a small business in India can be challenging, especially with the volatility of the market and consumers' inconsistent preferences. But that’s where strategic planning comes in.
Strategic planning is a continuous process of analyzing what an organization wants to achieve and then devising a plan to use its resources. Sometimes, the business's sustainability depends on how an entrepreneur can analyze its current state, manage its strengths and weaknesses, respond to present situations, and leverage opportunities. Hence, small businesses in India must take strategic planning more seriously.
