Strategic planning

What Is Strategic Planning?

Strategic devicening and business development atomic number 18 intrinsically linked; the latter cannot be success honesty cultured without regard to the former.

A strategic plan should not be muzzy with a business plan. The former is likely to be a very short document whereas the latter is likely to be a lot more substantial and detailed. The former provides the foundation and exemplar for the latter.

If you dont know where your business is going, any road will buy the farm you there. Small business owners are often so command with immediate issues that they lose sight of their ultimate objectives. Thats why a business review or supply of a strategic plan is a virtual necessity. This may not be a recipe for success, but without it a business is much more likely to fail. A sound strategic plan should:

- Serve as a framework for decisions or for securing allow/approval,

- Explain the business to others in order to inform, motivate and involve,

- countenance benchmarking and performance monitoring,

- Stimulate change and become building block off for next plan.

A strategic plan should be visionary, conceptual and guiding in contrast to an operational plan, which is likely to be shorter term, tactical, tightly focused, implementable and measurable. A strategic plan must be naturalistic and attainable.

Essential points to observe during review and planning process

A critical review of early(prenominal) performance by the owners and management of a business and the preparation of a plan beyond normal budgetary horizons conduct a certain attitude of mind and pre-disposition. Some requirement points which should to be observed during the review and planning process take the following:

* Relate to the medium term i.e. 2/4 years,

* Be undertaken by owners/directors,

* Focus on matters of strategic importance,

* Be separated from day-to-day work,

*...

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