How To Develop A Strategic Business Plan

Growing a business means taking many decisions about the way you want to expand your operations.Creating a strategic plan is a key component of planning for growth.

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The purpose of strategic planning is to set your overall goals for your business and to develop a plan to achieve them.

It involves stepping back from your day-to-day operations and asking where your business is headed and what its priorities should be.

A business plan is about setting short- or mid-term goals and defining the steps necessary to achieve them.

A strategic plan is typically focused on a business' mid- to long-term goals and explains the basic strategies for achieving them.

It will help you prepare a realistic vision for the future of your business and in doing so can maximise your business' potential for growth.

A strategic plan should not be confused with a business plan.

By contrast, the purpose of the business plan is to provide the detailed roadmap that will take you in your desired direction.

Your strategic planning and your business planning should be complementary, but effective strategy development requires you to shift your focus from the day-to-day concerns of your business and to consider your broader and longer-term options.

Or you might decide to block off a day or two for strategy brainstorming sessions - part of which might involve seeking contributions from a broader range of employees and even key customers.

Getting the planning document right The priority with strategic planning is to get the process right.

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