Strategic Planning Cycle The strategic planning cycle embodied in a set of formal planning procedures, ensures that managers examine major strategic issues, or 'strategic elephants', faced by their organization. This is necessary to overcome the natural preoccupation with short term operational problems.
Business planning is necessary for company growth and success. Business plans provide companies with the tools to track growth, establish a budget and prepare for unforeseen changes in the market place.
A strategic plan includes many elements a business can utilize to attract financing and manage company objectives.
To optimize strategic business planning, businesses must clearly define company goals and conduct extensive research to properly understand industry trends. Definition A strategic business plan is a written document that pairs the objectives of a company with the needs of the market place. Although a strategic business plan contains similar elements of a traditional plan, a strategic plan takes planning a step further by not only defining company goals but utilizing those goals to take advantage of available business opportunities.
Significance A strategic business plan is necessary to optimize market research and to attain optimum market share for your business. The plan allows businesses to focus on a particular niche in the marketplace, which makes sales, advertising and customer management more effective.
The plan allows a company to know as much as possible about the needs of its customers and gaps in the marketplace that need to be filled.
A strategic business plan helps a company provide better, more targeted service to its clients. Characteristics A strategic business plan includes extensive market research, industry trends and competitor analyses.
A strategic plan will include the components of a traditional plan, such as an executive summary, marketing analysis and financial statements, but a strategic plan will be more specific on how the company will go about achieving company goals.
For example, a strategic business plan will attempt to identify a target market, narrow it down to a manageable size, and establish a strategy for acquiring those customers.
Benefits Writing a strategic business plan has many advantages.
The plan can serve as an outline for successful completion of company milestones. Company owners are in a better position to not only understand their business but become experts in their industries.
A strategic plan helps executives understand the direction in which their company is headed by reviewing past progress and making changes to improve and grow.
The plan is an organizational tool that helps to keep a company on track to meet growth and financial objectives. Misconceptions Many small business owners feel that strategic business plans are for large companies and big businesses.
However, according to the Small Business Administration, a strategic business plan can benefit companies of all sizes and can be a great advantage to small businesses. Small businesses may utilize the document to develop the strategies necessary to attract and retain the customers it needs to succeed.
She studied political science at Arizona State University and her education has inspired her to write with integrity and seek precision in all that she does. Photo Credits business plan sobre la mesa image by pablo from Fotolia.The importance of strategic planning is in the small number and the long term impact of the decisions embodied in the strategic plan.
Sales & Sales Management Development. The exceptional salesperson keeps a good balance between meeting the needs of their clients (consultative) and advancing the business of their own organization (strategic).
Defining the Business: The Starting Point of Strategic Planning [Derek F. Abell] on lausannecongress2018.com *FREE* shipping on qualifying offers. No writing/highlighting in text. Binding and pages are tight. In military theory, strategy is "the utilization during both peace and war, of all of the nation's forces, through large scale, long-range planning and development, to ensure security and victory" (Random House Dictionary).The father of Western modern strategic study, Carl von Clausewitz, defined military strategy as "the employment of battles to gain the end of war.".
Dr Alan Shaw is a Senior Lecturer and Marketing consultant focusing on a range of sectors. His main interests are in strategy development, social marketing, digital marketing, advertising, consumer behaviour and marketing application.
This definition explains the meaning of a business continuity plan (BCP) and how it can keep an organization operating during an unplanned event.