Strategy is not just for big businesses

In a recent presentation of Dollars + Sense, a participant commented that setting strategy and key performance indicators (KPIs) was for large businesses. According to the participant, small mom and pop shops are too small to worry about effective business analysis. Not true, I say. The smaller your business is, the more critical your need for good measurements and an effective strategy. Unlike larger organizations, you don't have much wiggle room to make repeated mistakes. KPIs and a solid strategy will help keep you on track and quickly reveal when things are taking a turn for the worst. Regardless of tour size, you need solid measurements and a well defined strategy. That's how the larger organizations get and stay big.