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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.
Why strategic planning matters more to growing businesses Taking the decision actively to grow a business means embracing the risks that come with growth.
Spending time on identifying exactly where you want to take your business - and how you will get there - should help you reduce and manage those risks.
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.
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.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.- 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.Responsibilities and resources need to be assigned to the right people and you need to keep on top of the process.Who to involve Try to find people who show the kind of analytical skills that successful strategic planning depends upon.Everyone involved should know what is expected of them and when.For example, you may decide to hold a series of weekly meetings with a strategy team before delegating the drafting of a strategy document to one of its members.But don't neglect the outcome - it's also important to make sure you capture the results in a strategic planning document that communicates clearly to everyone in your business what your top-level objectives are.Such a document should: Strategic planning is about positioning your business as effectively as possible in the marketplace.