I’ve returned from a meeting with a potential client. Their need: Someone to facilitate, guide and document the development of a business strategy. Basically this group of 6 executives, managers and owners want a strategic plan and the year they’ve worked on it has not produced one.
I asked them to show me what they came up with, and they plopped about 250 pages in front of me. I began to read as everyone grabbed a bagel and some coffee. Their year was not wasted. While they did not have a strategic plan yet, they were well on their way with a business plan, a marketing plan and an operations plan! I told them, “Wow, this is great stuff!”
Their approach may be a little backwards, but they should condense what they have and distill a strategic plan. A strategic plan should not be confused with a business plan. The strategic plan is usually a short, even a very short document. What they had, a business plan, is a much more substantial and detailed document. A strategic plan usually provides the foundation and framework for a business plan. In this case, they went detailed first and visionary second.
A strategic plan is also not an operational plan. The strategic plan is usually visionary, conceptual and directional, in contrast to an operations plan which is likely to be short term, tactical, focused, implement-able and measurable.
If you’re putting together a strategic plan, you should be able to fit your entire plan on 3-5 pages, with a paragraph or two on each of the following areas:
- SWOT – Strengths, Weaknesses, Opportunities and Threats
- Vision
- Mission Statement
- Corporate Values
- Business Objectives
- Key Strategies
- Major Goals
- Action Plan
I told them this and I may have just talked my way out of an engagement, but I’m sure they’ll be able to distill the plan they’re looking for. And if not, they’ve got my number.
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