A variety of strategic planning tools described in the section below may be completed as part of strategic planning activities. What is considered "value" to the customer or constituency? Which products and services should be included or excluded from the portfolio of offerings?
By Jeff Brunings While a strategic plan is a type of business plan, there are several important distinctions between the two types that are worth noting. A strategic plan is primarily used for implementing and managing the strategic direction of an existing organization.
A business plan is used to initially start a business, obtain funding, or direct operations.
The two plans cover different timeframes as well. A strategic plan is for established businesses, organizations and business owners that are serious about growing their organization. Whereas a business plan could be for new businesses and entrepreneurs who are startups.
Whereas a business plan is used to provide a structure for ideas in order to initially define the business.
A strategic plan is critical to prioritizing resources time, money and people to grow the revenue and increase the return on investment. Whereas a business plan is critical if the business is seeking funding.
A strategic plan focuses on building a sustainable competitive advantage and is futuristic in nature. Whereas a business plan is used to assess the viability of a business opportunity, and is more tactical in nature.
A strategic plan is used to communicate the direction of the organization to the staff and stakeholders. Larger organizations with multiple business units and a wide variety of products frequently start their annual planning process with a corporate-driven strategic plan.
It is often followed by departmental plans and marketing plans that work down from the Strategic Plan. Smaller companies and startup companies typically use only a business plan to develop all aspects of the business on paper, obtain funding and then start the business.
Many smaller companies — including startups never develop a Strategic Plan. Clients executing their plans with OnStrategy: A Dose of Strategy.Objective. Strategic Plan. Strategic Planning: Deliverables. Tips for Proposed System Design. Overall and Individual Project Management Plans.
Lone Star College was founded in and offers Associate Degrees, Workforce Certificates and Transfer Credits. Strategy (from Greek στρατηγία stratēgia, "art of troop leader; office of general, command, generalship") is a high-level plan to achieve one or more goals under conditions of uncertainty.
In the sense of the "art of the general", which included several subsets of skills including "tactics", siegecraft, logistics etc., the term came into use in the 6th century AD in East Roman.
Building a strategic plan or engaging in strategic planning can make a difference, particularly when it has a long-term focus and is used as a management tool, rather than simply being an exercise in forms completion.
Traditional strategic planning can be broken down into four sequential steps: market research; strategy formulation and planning.
While a strategic plan is a type of business plan, there are several important distinctions between the two types that are worth noting. A strategic plan is primarily used for implementing and managing the strategic direction of an existing organization.
Mission: The David Strategic Management textbook offers students the best skills-oriented strategic management product on the market. The text’s chapters unfold as the strategic planning process unfolds, guided by an integrative model; students learn “how to do strategic planning” through fun exercises and excellent cases; a conversational writing style and outstanding ancillaries make.