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It will help you prepare a realistic vision for the future of your business and in doing so can maximise your business' potential for growth.A strategic plan should not be confused with a business plan.By contrast, the purpose of the business plan is to provide the detailed roadmap that will take you in your desired direction.
Responsibilities and resources need to be assigned to the right people and you need to keep on top of the process.
Who to involve Try to find people who show the kind of analytical skills that successful strategic planning depends upon.
These models provide a simplified and abstract picture of the business environment.
SWOT (strengths, weaknesses, opportunities and threats) analysis is probably the best-known model and is used by both smaller and bigger businesses in the for-profit and not-for-profit sectors alike.
As your business becomes larger and more complex, so strategy formulation will need to become more sophisticated, both to sustain growth and to help you muster the leadership and resources you need to keep your business developing.
To do this, you will also need to start collecting and analysing a wider range of information about your business - both about how it operates internally and about how conditions are developing in your current and potential markets.
The difference between strategic planning and writing a business plan The process of strategic planning is about determining the direction in which you want to take your business.
It involves setting out your overall goals for your business.
- is at the heart of the strategic planning process, it can only be considered usefully in the context of the other two.
You should balance your vision for the business against the practical realities of your current position and changes, such as increased investment in capital and other resources that would be required to implement your vision.