Strategic planning is the first part of the business plan. The Strategic Plan gives an overview of what the business does and what you want to achieve from the business. It includes the Mission Statements and the Vision Statement.
The Strategy is a clear statement of what your business has to do for you to achieve your primary aim. It is the vision of your final product – your business.
It will help you communicate the direction of your business and how it is going to get there. This is extremely important if you are looking for funding for your venture.
If you are looking for finance the strategic plan is where you would outline who wants the finance, how much is needed and what the funds are going to be used for and as to how they will benefit the business.
Planning is also a tool to measure progress toward your end goal. Without goals how will you know what you are aiming for and when you have succeeded?
There are two parts to this strategy, firstly where is the company going and how is it going to get there:
- The Vision Statement
- The Mission Statements
- The Objectives
- The Goals
The second part is an overview of the business and where it will sit in the market place:
- The Industry
- The Business
- The product or service
- The market
These should be written clearly and concisely.
A vision statement looks at where you see yourself in say the next 15 years.
The vision is where you want the business to be long-term. It is what the business will always be working toward.
With the goals set you can now set your objectives. What the business needs to achieve in order to get to the longer term goals.
Initially these can be weekly objectives - what do you need to do each week to achieve your first goal.
