Strategic Business Plan

A strategic business plan should not be confused with a business plan. The strategic business plan is a much shorter precise document. A strategic plan can be used as the foundation and framework of a business plan. A strategic business plan emphasizes growth and financing, management and organizational structure, financial planning, budgets and forecasting, corporate governance, as well as marketing strategies, tactics and implementation

Writing a strategic business plan is an exercise that improves or influences strategic efforts.  It communicates core strategies and objective of every manager, tracks the status of the plan’s development, establishes performance metrics, and can be quickly readily adjusted to meet changing business conditions. A strategic business plan is designed to be flexible and dynamic.

Entrepreneurs and business managers are often so preoccupied with immediate issues that they lose sight of their ultimate objectives. That’s why a business review or preparation 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 business plan:

  • Forces you to look at the whole business
  • Focuses attention on important questions
  • Helps clarify and communicate your goals and objectives
  • Becomes a means of assigning priorities
  • Becomes a framework for daily decision-making and better management
  • Helps maintain a “proactive” business attitude
  • Serves as a benchmark to track performance
  • Stimulates development of a new/future business opportunities
  • Becomes a tool to access capital, acquire business partners, attract employees
  • Increases your chance of success by serving as your road map