Discuss the Process of Drafting a Strategic Business Plan
Mariam Peyton is a professional Financial Analyst. She holds a Masters degree in Economics. She specialises in financial analysis and forecasting. Her expertise includes studying the financial performance of companies, markets and entire industries looking for trends, insights and information that can help you glean rich insights for use in academic and market research.
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Developing a strategic business plan is very important towards achieving success whether the business is brand new or reinventing itself. The process of strategic planning includes setting up a comprehensive and complex idea or approach to abide by over a well-defined time frame. Strategic planning covers all features of the business or organization, or rather a slight part of it for example a designated section such as the marketing department. But, this does not imply that strategic business planning is only applicable to large scale businesses as it also benefits the small scale businesses, especially at its invention step when the business sets its first goals and establishes itself in the business atmosphere. This essay is going to discuss the process of developing a strategic business plan for any organization.
A strategic business plan refers to a document that outlines the goals, objectives, strategies and actions of an organization for a specific period of time. It helps to make even the vision and mission of the organization with its internal and external environment, and also to recognize its strengths, weaknesses, opportunities and threats. A strategic business plan also describes the key performance indicators and targets that will measure the progress and success of the organization. A strategic business plan is usually developed by the top management of the organization, with input from various stakeholders and experts. It is reviewed and updated regularly to reflect the changing needs and circumstances of the organization
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Discuss the Process of Drafting a Strategic Business Plan a Case Study
Key Learning Outcomes
By the end of the case, students should be able to:
- Understand the meaning of a strategic business plan and its significance to the growth and development of an organization
- Understand the process undertaken to draft a strategic business plan
- Apply the knowledge attained to draft a strategic business plan for any real-life organization
1.0 INTRODUCTION
A strategic business plan is a document that outlines the goals, objectives, strategies, and actions of an organization. It serves as a roadmap for achieving long-term success and growth in a competitive market. A strategic business plan is not a static document that is written once and forgotten. It is a dynamic document that requires regular review and revision to ensure its relevance, accuracy, and usefulness for the organization. This essay is going to discuss the process of developing a strategic business plan for any organization. The essay will primarily answer questions like; what is the process of creating a strategic plan? What is a strategic business plan? What are the five elements of a strategic plan? How to Build a Strategic Business Plan? Among others.
A strategic business plan refers to a documented outline that defines the aims, objectives, strategies, policies, and actions to be undertaken by an organization for a specific period of time. It is used to align the vision and mission of the organization with its internal and external environment, and also it helps to recognize its strengths, weaknesses, opportunities, and threats.
A strategic business plan aids an organization in the;
Clarifying its vision, mission, and values
Recognizing its strengths, weaknesses, opportunities, and threats
Analyzing its external and internal environment
Defining its target market and customer segments
Developing its unique value proposition and competitive advantage
Setting SMART (specific, measurable, achievable, relevant, and time-bound) goals and objectives
Formulating strategies and action plans to achieve the set goals and objectives
Allocating resources and assigning responsibilities
Monitoring and evaluating its progress and performance
Below are some of the steps taken when developing a strategic business plan;
1. Carry out a SWOT analysis. A SWOT analysis is a tool that helps to assess the internal and external factors that affect an organization's performance. It involves identifying the strengths, weaknesses, opportunities, and threats of the organization, as well as its competitors and industry.
2. Outline the vision, mission, and values. The vision in this scenario describes the desired future state of the organization. The mission statement explains the purpose and scope of the organization. The values statement reflects the core beliefs and principles that guide the organization's actions and decisions.
3. Set the goals and objectives. The goals and objectives are the specific outcomes that the organization wants to achieve in a given time frame. They should be SMART: specific, measurable, achievable, relevant, and time-bound. They should also be aligned with the vision, mission and values of the organization.
4. Develop strategies and action plans. The strategies are comprehensive approaches that the organization will use to achieve its goals and objectives. The action plans on the other hand are the detailed steps that identify who will do what, when, where, how, and why. These also include the resources needed, the expected results, and the indicators to measure success.
5. Implement the plan. The implementation stage includes executing the strategies and action plans according to the organization’s schedule and budget. It also requires effective communication, organization, and teamwork among all stakeholders that are involved in the plan.
6. Monitor and evaluate the plan. The monitoring and evaluation stage involves collecting and analyzing data to track the progress and performance of the plan. It also involves identifying any gaps, challenges, or risks that may affect the plan's success and taking corrective actions as needed.
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