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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.
The difference between strategic planning and writing a business plan The process of strategic planning is about determining the direction in which you want to take your business.
It involves setting out your overall goals for your business.
- is at the heart of the strategic planning process, it can only be considered usefully in the context of the other two.
You should balance your vision for the business against the practical realities of your current position and changes, such as increased investment in capital and other resources that would be required to implement your vision.
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.A strategic plan needs to be realistically achievable.As with any business activity, the strategic planning process itself needs to be carefully managed.Developing a strategy for business growth requires you to deepen your understanding of the way your business works and its position relative to other businesses in your markets.As a starting point, you need to ask yourself the following three questions: While the second question - Where do you want to take it?This guide sets out the basics of the strategic planning process.It explains how to go about drawing up a strategic plan, it highlights some important issues to bear in mind and it shows how to turn from planning to implementation.As your business becomes larger and more complex, so strategy formulation will need to become more sophisticated, both to sustain growth and to help you muster the leadership and resources you need to keep your business developing.To do this, you will also need to start collecting and analysing a wider range of information about your business - both about how it operates internally and about how conditions are developing in your current and potential markets.Try to find a mix of creative thinkers and those with a solid grasp of operational detail.A good rule of thumb is that you shouldn't try to do it all yourself.