How To Develop A Strategic Business Plan

How To Develop A Strategic Business Plan-42
A strategic plan needs to be realistically achievable.As with any business activity, the strategic planning process itself needs to be carefully managed.Take on board the opinions of other staff - key employees, accountants, department heads, board members - and those of external stakeholders, including customers, clients, advisors and consultants.

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A strategic plan should not be confused with a business plan.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.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.


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