Strategic Planning
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Business Plans and Strategic Plans. What is the difference?
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A Business Plan is usually a relatively lengthy document which is drafted only after a business has undertaken a detailed situation analysis and prepared a detailed plan for each of the business's key functional areas such as business development, human resources, finance & administration and technology. Often a business plan contains detailed financial forecasts and is prepared by the business to accompany finance applications or presentations to potential investors.
A Strategic Plan, by contrast, is a relatively short document which is used to articulate a business's general direction and goals. Businesses often prepare such plans to clearly articulate strategic directions to management, shareholders, staff and customers. Strategic Plans can be developed for short or long periods.
Our experience is that the problem with Business Plans is that they often get started but rarely get finished. Those that are finished are rarely referenced and quickly become irrelevant.
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Premium’s One Page Strategic Plan
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At Premium we have found that for many businesses the best way to get the planning process moving is to create a simple "one-page" strategic plan that sets out in plain English:
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| A business' vision and values;
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| | Its strategic goals and objectives;
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| | The key tasks that must be undertaken to achieve these goals and objectives; and
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| | Realistic timelines within which these key tasks are to be achieved.
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The Strategic Plan is then put down in a "one page format" which is easy to display and reference on an ongoing basis. Premium’s strategic planning process can be applied across a business as a whole, across a division, or a department within a business
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