Last year in the U.S., more than 5.4 million new businesses were started, a 37 percent increase over the fourth quarter of 2019 (Center for American Progress Action Fund, 2024).
The number of startups surged in 2022 and 2023, surpassing pre-Great Recession levels for the first time.
Clearly, the entrepreneurial spirit is alive and well in the U.S. and this boom shows no sign of slowing down.
Starting a new business is an exhilarating journey filled with hopes, dreams, and endless possibilities. Yet, the statistics paint a sobering picture: 40% of new businesses fail within the first three years, 50% within five years, and a staggering 65% within 10 years.
But here’s the good news—it doesn’t have to be that hard! The key to navigating this challenging landscape lies in having an organized plan and a clear list of priorities for your business. These foundational elements are crucial for success, providing the direction and focus needed to thrive in a competitive market.
Why Strategic Planning Matters
Strategic planning is not just about setting long-term goals; it’s about creating a roadmap that guides every decision and action. It helps you:
- Clarify Your Vision and Goals: Define where you want your business to go and how you plan to get there. This clarity ensures that every effort is aligned with your ultimate objectives.
- Identify Opportunities and Threats: Through careful analysis, you can spot market opportunities to capitalize on and threats to mitigate, allowing for proactive and adaptive strategies.
- Allocate Resources Efficiently: Ensure that your time, money, and talent are used effectively to maximize impact and prevent wastage.
- Guide Decision-Making: A strategic plan provides a framework for making informed decisions that support your long-term goals.
- Foster Innovation and Growth: Embrace a forward-thinking approach that encourages continuous improvement and innovation, keeping your business ahead of the competition.
Invest in Yourself
This fall, seize the opportunity to invest in yourself and your future. Spend 12 short weeks in a transformative journey designed to equip you with the tools and knowledge to build a robust 3-year strategy. The Strategic Design Incubator is tailored for entrepreneurs and small business owners who are ready to align their business goals with the life they aspire to live.
What You’ll Gain
In this 12-week program, you will:
- Develop a comprehensive 3-year strategy tailored to your business.
- Learn the principles and concepts of strategic design.
- Gain hands-on experience with strategic methodologies and tools.
- Analyze data to identify opportunities and develop innovative solutions.
- Create a detailed action plan for the first year of your strategy.
By the end of this course, you will not only have a solid strategic plan but also the confidence to implement it, knowing that you have a clear roadmap to guide your business decisions and growth.
Bring Your Goals to Life
Don’t let your business become another statistic. Join us this fall and take the first step towards turning your entrepreneurial dreams into reality. Let’s bring your goals to life with a strategic plan that aligns your business ambitions with the life you want to live. Together, we can build a sustainable and successful future for your business.
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Ready to take the next step? Help drive organizational innovation with a customized leadership and culture strategy for your organization using our research backed models. Available leadership coaching, culture audits, culture strategy development, and equity and belong framework design to contribute to the overall thriving of individuals and communities. Mykella invites readers to join her in making 2024 the year of personal and professional well-being.
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