A well-structured business plan can mean the difference between merely surviving and thriving in 2025. Mark Collier, area director for the Dekalb office and faculty member with the University of Georgia Small Business Development Center, joins us on today’s episode of The Small Business Show to break down the essential components of a strategic plan. In this discussion, Collier emphasizes the importance of a strong foundation, performance metrics, and adaptability to drive business success.
Mark Collier stresses that a strategic business plan begins with a roadmap, outlining the company’s mission, vision, and core values. These foundational elements provide clarity and direction for business owners. Many entrepreneurs overlook this step, prioritizing immediate revenue generation, but Collier advises carving out time to establish these fundamentals.
Once the foundation is set, businesses should conduct a gap analysis, identifying where the company stands today versus its long-term goals. This process involves short-term (six months to one year), medium-term (one to three years), and long-term (five-year) planning. A performance improvement plan, guided by a SWOT analysis—assessing strengths, weaknesses, opportunities, and threats—helps bridge the gap and refine business strategies.
Collier also highlights the importance of a competitive analysis, referencing the University of Georgia Small Business Development Center’s 12-step framework for evaluating market competitors. By understanding industry trends and competition, businesses can position themselves strategically.
Another crucial component is the accountability matrix, ensuring the right personnel are in place to execute the plan. Many small business owners make the mistake of hiring friends and family, which can complicate accountability and hinder long-term growth. As businesses scale, Collier advises adopting a more corporate structure with defined roles and responsibilities.
Finally, execution is key. Business owners must continuously measure progress, reassess their strategies, and make necessary adjustments. Quarterly or semi-annual reviews help ensure alignment with long-term objectives. Collier reminds entrepreneurs that pivoting is not a failure but a strategic move to adapt to changing market conditions, citing the drastic shifts businesses faced during the COVID-19 pandemic.
"Smart entrepreneurs always know that they don’t know it all. And they always lean on subject matter experts who can help them further their goals." – Mark Collier
