Entrepreneurs and business managers are often so preoccupied with immediate issues that they lose sight of their ultimate objectives. That's why a business review and preparation of a strategic plan is a vital necessity. This may not be a recipe for success, but without it a business is much more likely to fail. A sound plan should:
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Serve as a framework for decisions or for securing support/approval.
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Provide a basis for more detailed planning.
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Explain the business to others in order to inform, motivate & involve.
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Assist benchmarking & performance monitoring.
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Stimulate change and become building block for next plan.
A strategic plan should not be confused with a business plan. The strategic plan is likely to be short, even a very short document. Whereas a business plan is usually a much more substantial and detailed document. A strategic plan can provide the foundation and framework for a business plan.
A strategic plan is also not an operational plan. The strategic plan is visionary, conceptual and directional in contrast to an operational plan which is likely to be short term, tactical, focused, implement-able and measurable.
You should be able to fit your entire plan on 3-5 pages, with a paragraph or two on each of the following areas:
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SWOT - Strengths, Weaknesses, Opportunities and Threats
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Vision
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Mission Statement
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Corporate Values
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Business Objectives
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Key Strategies
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Major Goals
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Strategic Action Plan
Value Management Partners will help your company identify what to do and the sequence of events that should take place to position you and your company to accomplish its goals and objectives. By getting the foundation in first, the success rate will be greater and far more will be accomplished over time. A satisfactory strategic plan must be realistic and attainable so as to allow managers and entrepreneurs to think strategically and act operationally.
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