By contrast, the purpose of the business plan is to provide the detailed roadmap that will take you in your desired direction.Your strategic planning and your business planning should be complementary, but effective strategy development requires you to shift your focus from the day-to-day concerns of your business and to consider your broader and longer-term options.
A business plan is about setting short- or mid-term goals and defining the steps necessary to achieve them.
A strategic plan is typically focused on a business' mid- to long-term goals and explains the basic strategies for achieving them.
As your business becomes larger and more complex, so strategy formulation will need to become more sophisticated, both to sustain growth and to help you muster the leadership and resources you need to keep your business developing.
To do this, you will also need to start collecting and analysing a wider range of information about your business - both about how it operates internally and about how conditions are developing in your current and potential markets.
But don't neglect the outcome - it's also important to make sure you capture the results in a strategic planning document that communicates clearly to everyone in your business what your top-level objectives are.
Such a document should: Strategic planning is about positioning your business as effectively as possible in the marketplace.It will help you prepare a realistic vision for the future of your business and in doing so can maximise your business' potential for growth.A strategic plan should not be confused with a business plan.Why strategic planning matters more to growing businesses Taking the decision actively to grow a business means embracing the risks that come with growth.Spending time on identifying exactly where you want to take your business - and how you will get there - should help you reduce and manage those risks.Or you might decide to block off a day or two for strategy brainstorming sessions - part of which might involve seeking contributions from a broader range of employees and even key customers.Getting the planning document right The priority with strategic planning is to get the process right.Responsibilities and resources need to be assigned to the right people and you need to keep on top of the process.Who to involve Try to find people who show the kind of analytical skills that successful strategic planning depends upon.The difference between strategic planning and writing a business plan The process of strategic planning is about determining the direction in which you want to take your business.It involves setting out your overall goals for your business.