What Is Strategic Planning In Business

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You should not confuse strategic planning with business planning.

A business plan is about setting short or mid-term goals and defining the steps to achieve them.

To do this, you might want to start collecting and analysing a wider range of information about your business - both about how it operates and about how conditions are developing in your current and potential markets.

The process of strategic planning is about determining the direction in which you want to take your business.

It involves stepping back from your day-to-day operations and asking where your business is headed and what its priorities should be.

Taking the decision to grow a business means embracing the risks that come with growth.Many businesses include a SWOT analysis or a PESTLE analysis as one of the key elements of their strategic plan.Other common elements are: You may also want to include an implementation schedule, key performance indicators (KPIs) and other accountability measures.It also helps you: Read more about risk management.Effective planning usually results in a written strategic plan.Creating a strategic plan is a key part of planning for growth.A strategic plan helps prepare a realistic vision for the future of your business and maximise your potential for successful business growth.You should balance your vision for the business against the practical realities of your current position.You need to take into account the implications of any changes, such as increased investment in capital and other resources.It tells you how to develop a strategic plan and what key elements you should consider in your business' strategy.It also outlines the main steps in the strategic planning process and gives examples of common planning models you can use, such as PESTLE analysis and SWOT analysis.