What Is A Strategic Business Plan

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Understand that a strategic plan differs from a business plan in three ways -I define strategic planning differently to some others. Begin with a clear understanding of and commitment to the enduring purpose of the organization.

Strategic planning is a systematic, formally documented process for deciding the handful of major decisions that an organisation, as a corporate whole, must get right in order to thrive over the next few years.

Corporate strategic planning differs from business planning. They have different planning time horizons, different flavors of forecasts, different levels of detail, mostly different intended audiences, and a different balance of words and numbers.

The strategic plan is different from the business plan. If you must use the phrase strategic business planning, I urge you do it with a clear definition of strategic planning in mind.

A business plan summarizes the firm’s operational and financial objectives for the near future. For the audiences inside the organization, a business plan functions as a kind of blueprint to guide the organization’s activities.

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When the business plan clearly expresses the corporate strategy, the process of preparing it may be 'strategic'. External audiences such as prospective investors can also use strategic business plans.

You might call business planning that converts the corporate strategy into clear actions with resources strategic business planning. While there may be some overlap between strategic planning and business planning, they are not the same thing.

The differences are such that the umbrella term strategic business planning may be unhelpful.

In general, a strategic plan is a broadly defined plan aimed at creating a desired future.

In organizations, strategic planning is a systematic way of creating this plan.

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