Define strategic business plan

What is a Strategic Plan? A strategic plan is a document used to communicate with the organization the organizations goals, the actions needed to achieve those goals and all of the other critical elements developed during the planning exercise.

How can the answer be improved? Definition of strategic business plan: Internal document that (1) outlines an organization's overall direction, philosophy, and purpose, (2) examines its current status in terms of its strengths, weakness, opportunities, and threats (see To optimize strategic business planning, businesses must clearly define company goals and conduct extensive research to properly understand industry trends.

Definition A strategic business plan is a written document that pairs the objectives of a company with the needs of the market place. 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. A strategic plan is the road map for this journey, highlighting what is coming down the road next and suggesting routes for getting to your goal.

Example of Strategic Planning Imagine you work for a company that develops software for storing and listening to A strategic plan is a document that establishes the direction of a company or work unit. It can be a single page or fill up a binder, depending on the size and complexity of the business and work. Most managers would benefit from having their own strategic plan. What is a 'Business Plan' A business plan is a written document that describes in detail how a business, usually a new one, is going to achieve its goals.

A business plan lays out a written plan Strategic planning is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy. It may also extend to control mechanisms for guiding the implementation of the strategy. Don't confuse a strategic plan with a business plan, which is a much broader document and includes a strategic plan, a marketing plan, a financial plan and an operational plan.

In other words, a business plan is much more of an aspirational document, covering what your business is about and why it has value in the market.



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