Strategic plans

Strategic planning is a major part of any successful business. Strategic planning involves setting up a strategy that your business is going to follow over a defined time period. It can be for a specific part of the business, like planning a marketing strategy, or for the business as a whole.

Planning the strategy

Usually a board of directors sets the overall strategy for the business and each area of the company plans their strategy in alignment with the overall strategy.

Without a strategy your business has no direction. Strategy tells where you want to go. And while strategic planning shouldn't be all you do in your business, it should be an integral part of it.

In its most basic form, the critical components are:

• Business Purpose
• Organisational Goals
• Strategies for Reaching Each Goal
• Action Plans to Implement Strategy
• Monitoring Plan Implementation

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