Business Strategic Planning
The purpose of strategic planning is to set your overall goals for your business and to develop a plan to achieve them. … It involves setting out your overall goals for your business. By contrast, the purpose of the business plan is to provide the detailed roadmap that will take you in your desired direction.
To have a successful business with less pressure and challenges, it’s vital to plan ahead.
Developing a strategy for business growth gives you a deeper understanding of the way your business works and its position relative to other businesses in your markets. It also allows you to under stand the direction you are going and what are the objectives.This process reduces wasting time on ideas that may not work and allows you to maximize potential profit.
Where is my business now?
This involves understanding as much about your business as possible, including how it operates internally, what drives its profitability, and how it compares with competitors. Keep your review separate from day-to-day work and be realistic, detached and critical in distinguishing between the cause and effect of how your business operates. You should also write it down and review it periodically.
Where do you want to take it?
Here you need to set out your top-level objectives. Work out your vision, mission, objectives, values, techniques and goals. Where do you see your business in five or ten years? What do you want to be the focus of your business and your source of competitive advantage over your rivals in the marketplace? This step should be the foundation for the final plan and motivate change.
What do you need to do to get there?
What changes will you need to make in order to deliver on your strategic objectives? What is the best way of implementing those changes – what changes to the structure and financing of your business will be required and what goals and deadlines will you need to set for yourself and others in the business? Think about the business as a whole, for example consider diversification, existing growth, acquisition plans, as well as functional matters in key areas.