Strategic Planning

Introduction to Strategic Planning
If you don't know where your business is going, how will you ever get there?

What is a Strategic Plan?
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 or preparation of a strategic plan is a virtual necessity. This may not be a recipe for success, but without it a business is much more likely to fail. A sound plan should:

• Serve as a framework for decisions or for securing support/approval.
• Provide a basis for more detailed planning.
• Explain the business to others in order to inform, motivate & involve.
• Assist benchmarking & performance monitoring.
• Stimulate change and become building block for next plan.

A strategic plan should not be confused with a business plan. The former is likely to be 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 should be visionary, conceptual and directional whereas an operational plan is likely to be shorter term, tactical, focused, able to be implemented and measurable. As an example, compare the process of planning a holiday (where, when, duration, budget, who goes, how to travel are all strategic issues) with the final preparations (tasks, deadlines, funding, weather, packing, transport and so on are all operational matters).

A satisfactory strategic plan must be realistic and attainable so as to allow managers and entrepreneurs to think strategically and act operationally.

A strategic plan should take into account:

Where are we and how did we get here?

• What business are we really in?
• What is our position in the market?
• What has got us here?
• How do others view us?

Where do we want to go?

• Vision
• Objectives
• Goals

How do we get there?

• Strategies
• Resources

How do we make sure we get there?

• Structure
• Action
• Monitor and review processess

Businesses, which prepare business plans, have a much greater survival and growth rate than those, which stumble along from day to day.

Because of the on-going pressures of business, strategic plans are often overlooked. Even when they are undertaken they will often lack the objectivity that makes them such a useful business tool.

Producing a strategic plan, however, does not have to be as daunting as it may seem.

A.P.S. can help you develop an objective, positive strategic plan for your business or project.

For further details phone: Paul Handforth 0845 4568245

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