Introduction to Strategic Planning

What is a Strategic Plan?

Entrepeneurs 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.

For inspiration (and a few smiles), have a look at some of the quotations and examples of bad advice included in other pages!
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 frame work for a business plan.
A strategic plan is not the same thing as an operational plan. The former should be visionary, conceptual and directional in contrast to an operational plan which is likely to be shorter term, tactical, focused, implementable and measurable. As an example, compare the process of planning a vacation (where, when, duration, budget, who goes, how 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 .