Strategic Planning Business Development

You should not confuse strategic planning with business planning.A business plan is about setting short or mid-term goals and defining the steps to achieve them.

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Creating a strategic plan is a key part of planning for growth.

A strategic plan helps prepare a realistic vision for the future of your business and maximise your potential for successful business growth.

Whereas a business plan could be for new businesses and entrepreneurs who are startups.

A strategic plan is used to provide focus, direction and action in order to move the organization from where they are now to where they want to go.

However, a business plan is used to present the entrepreneur’s ideas to a bank.

Another way to grasp the difference is by understanding the difference in ‘scale’ between a strategic plan and a business plan.On average, this process can take between three and four months.However no one organization is alike and you may decide to fast track your process or slow it down.Whereas a business plan is used to assess the viability of a business opportunity, and is more tactical in nature.A strategic plan is used to communicate the direction of the organization to the staff and stakeholders.It should be a small group of approximately 12-15 persons.Conclusion: A strategic plan needs to be adaptive to survive changing or unanticipated conditions.An organization that develops and executes a strategic plan gains significantly from the experience, and starting with a working model and then building a tangible plan can be more successful for your organization than having no plan at all.Over the life of your strategic plan, you may discover that some of the underlying assumptions of your strategy are flawed or incomplete.While a strategic plan is a type of business plan, there are several important distinctions between the two types that are worth noting.A strategic plan is primarily used for implementing and managing the strategic direction of an existing organization.

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