By Tim Moore, EO Houston member and managing partner, TR Moore & Company, A Doeren Mayhew Firm

With year-end almost upon us, now’s the time to think about your business’ strategic plan: Do you have one in place? Does it need to be revisited in light of changes to the business or the upcoming new year?

As most businesses grow, strategic planning evolves from a few ideas in the mind of the owner to a more formal process. Ideally, a formal strategic planning document is eventually developed that lays out key initiatives for the business over the next three to five years. But unfortunately, what starts out as a well-articulated set of strategic directions often ends up collecting dust — not meeting its potential to help drive the business’ success, perhaps never even being articulated to the management team.