--- layout: default_v3 language: default permalink: business-strategy/strategic-business-plan.html i18n_link: 3009 updated: 2023-01-11 #--- article key-values ---# collection: default_topiccluster t_keyword: Strategic Business Plan tags: business strategy, strategic plan, business plan, strategic business plan, business plan and strategy, strategic plans type: supporting page_id: 3009 hreflang_id: 3009 parent_id: 2930 date_published: 2021-02-18 date_modified: 2023-01-11 #--- javascript schema ---# javascript_schema: - script: jquery_3_2_0_min - script: bootstrap_min - script: article_infinite_scroll - script: article_mix_infinitescroll - script: article_mix - script: article_mix_faq - script: article_mix_toc #--- section schema ---# section_schema: - section: nav-main_menu - section: article_body_v2 - section: footer - section: schedule_demo_cta #--- page key-values ---# meta_tags: t_meta_title: 8 Easy Steps to Building Out a Strategic Business Plan t_meta_description: There are 8 steps available to help business professionals with their strategic business plan process. t_meta_abstract: There are 8 steps available to help business professionals with their strategic business plan process. i_meta_image: article_body: json-ld_article: v_date_published: 2021-02-18 v_date_modified: 2023-01-11 author: p_author_id: 203 t_author: Priyanka Bhadani p_author_url: priyanka-bhadani.html i_author: 203.png t_author_description: Mary Kate Morrow is a writer, editor, and social media professional currently employed as a Digital Content Writer at Altametrics. She previously graduated with both a Bachelors degree in English Language and Literature and a Bachelors degree in Gender Studies from the University of California, Los Angeles. p_author_facebook: //www.facebook.com/HubWorksApp p_author_twitter: https://twitter.com/HubworksApp p_author_linkedin: p_author_instagram: feature_snippet: p_type: text t_title: t_description: content: heading: t_title: 8 Easy Steps to Building Out a Strategic Business Plan t_description: There are 8 steps available to help business professionals with their strategic business plan process. image: i_image: 8-easy-steps-to-building-out-a-strategic-business-plan-1613595705-7349.png t_image_description: Strategic business plan v_image_attribution: //pixabay.com/photos/student-typing-keyboard-text-849825/ v_image_license: Creative Commons Zero v_video: paragraphs: - t_headline: 8 Steps to Developing a Strategic Business Plan t_text: Although the two terms are oftentimes used interchangeably, a business plan and a strategic business plan are not the same. A business plan usually sets short term goals and details the steps necessary to accomplish them.

Alternatively, a strategic plan typically sets mid to long term goals and details the strategies required to achieve them. A commonly accepted definition of a strategic business plan is a written document that combines company objectives with market place needs.

Business plan components like the executive summary and marketing plan analysis are included within a strategic business plan. However, a strategic business plan will go a step further than a traditional business plan by specifically indicating how a company will achieve established goals.

A significant differentiator between a business plan and a strategic plan is the utilization of established mid to long term goals in order to take advantage of any business opportunities available. Another significant business plan and strategic plan differentiator is the extensive analysis undertaken.

Analysis during strategic business planning studies both the larger business environment and specific company strengths, weaknesses, opportunities, and threats. The dissection of a specific organization's strengths, weaknesses, opportunities, and threats is commonly abbreviated as the SWOT analysis process.

A strategic business plan is a powerful tool for both larger market share and competitive advantage obtainment. The strategic plan influences virtually everything within a business, from customer service processes to marketing plan initiatives.

As such, both small businesses and larger corporations must make sure that their strategic business plan is optimal. 8 steps to develop a strategic business plan include- p_headline_type: h2 image: i_image: t_description: v_attribution: v_license: video: v_video: HQ6348u6o08 v_video_language: default t_name: The steps of the strategic planning process in under 15 minutes t_description: This video will walk you through each step of the #StrategicPlanningProcess to give you an overview of all the work that goes into developing a #StrategicPlan.We also discuss the importance of getting your team aligned and on the same page so that your organization can achieve successful #StrategyExecutionIs your non-profit organization in need of a facilitated strategic planning session, but lacking the resources to pay the full industry price for these services? As part of our corporate giving back program for 2021, we're offering our full strategic planning services to 5 nonprofits at a heavily subsidized rate. Apply here- //www.smestrategy.net/discounted-nonprofit-strategic-planning-facilitationGet our FREE Strategic Planning Workbook template here- //www.smestrategy.net/strategic-planning-process-template-workbookNever miss a video and get ongoing training (for free). Sign up and get each new video directly in your inbox- //www.smestrategy.net/the-brand-new-video-seriesEnroll in our strategic planning course to learn our process for creating a strategic plan successfully (without hiring anyone)- //www.smestrategy.net/strategic-planning-steps-courseAre you looking for someone to facilitate your strategic planning process? Book a complimentary consultation to learn more about our approach- //www.smestrategy.net/contactWant a software to track & monitor your strategic plan? Get a free trial for Cascade Strategy- //go.executestrategy.net/trial?fpr=smestrategy // WEBSITE & RESOURCES-Website //www.smestrategy.net/Blog //www.smestrategy.net/blogStrategy & Leadership Podcast //www.smestrategy.net/podcastAlignment Book //www.smestrategy.net/alignment-bookContact //www.smestrategy.net/contact// FOLLOW US ON SOCIAL MEDIA-Facebook //www.facebook.com/Smestrategy/ LinkedIn //www.linkedin.com/company/2866558 Instagram //www.instagram.com/anthonyctaylor/Twitter //twitter.com/smeinsights // ABOUT SME STRATEGY CONSULTING- SME Strategy is a management consulting firm that specializes in helping organizations develop and implement their strategic plans. We work with teams to facilitate conversations about strategic direction and business strategy so that our clients can focus their energy on what will move them forward faster. Based out of Vancouver, BC, we've worked with organizations all over North American and beyond in various industries including nonprofits, universities & government organizations. #StrategicPlanningProcess v_url: //youtu.be/HQ6348u6o08 i_thumbnail: //i.ytimg.com/vi/HQ6348u6o08/default.jpg i_thumbnail_1x1: //i.ytimg.com/vi/HQ6348u6o08/default.jpg i_thumbnail_4x3: //i.ytimg.com/vi/HQ6348u6o08/mqdefault.jpg i_thumbnail_16x9: //i.ytimg.com/vi/HQ6348u6o08/sddefault.jpg v_upload_date: 3-24-2017 v_length_minutes: 11 v_length_seconds: 5 v_view_count: 448326 callout_text: - t_headline: 1. Statement Reflection t_text: During strategic business planning initiatives, staff members must make sure that their mission statement and vision statement are reevaluated. The mission statement will help business professionals remember the specific core competencies their organization possesses.

The vision statement will help business professionals create goals. p_headline_type: h3 image: i_image: 1-statement-reflection-1613595705-2356.png t_description: //pixabay.com/photos/entrepreneur-startup-start-up-man-593371/ v_attribution: //pixabay.com/photos/entrepreneur-startup-start-up-man-593371/ v_license: Creative Commons Zero callout_text: - t_title: Tip- t_text: Team members must make sure to incorporate both the mission statement and vision statement into the strategic business plan. - t_headline: 2. SWOT Analysis t_text: Extensive analysis is beneficial for strategic business planning efforts. A SWOT analysis identifies strengths, weaknesses, opportunities, and threats.

Professionals must make sure to consider both external factors and internal factors during the strategic business planning process. p_headline_type: h3 image: i_image: t_description: v_attribution: v_license: callout_text: - t_headline: 3. Objective Establishment t_text: Business goals that fit the SMART goals model are ideal for strategic business planning. The SMART goals acronym stands for specific, measurable, achievable, realistic, and timely.

Both SWOT analysis and SMART goal development are immensely helpful tools for strategic business planning efforts. p_headline_type: h3 image: i_image: t_description: v_attribution: v_license: callout_text: - t_headline: 4. Staffing Determination t_text: Proper business planning requires strategic workforce planning. There are several different considerations that business professionals must make sure to evaluate throughout strategic workforce planning processes.

One important consideration is deciding if human resources need to recruit new staff members. Another consideration is determining which specific departments need additional staff.

With more remote workers than ever before, many human resources departments are expanding their talent pool to include both independent contractors and virtual workers. p_headline_type: h3 image: i_image: 4-staffing-determination-1613595705-7639.png t_description: //pixabay.com/photos/typing-computer-desk-hoe-office-849806/ v_attribution: //pixabay.com/photos/typing-computer-desk-hoe-office-849806/ v_license: Creative Commons Zero callout_text: - t_headline: 5. Resource Determination t_text: Strategic business planning must take into consideration available resources beyond staffing requirements. Determining resource availability will help business professionals avoid unnecessary strategic business plan complications.

For example, a small business may determine that they do not have the necessary resources required to accomplish their strategic business plan but that next year or five years down the line they can reevaluate. p_headline_type: h3 image: i_image: t_description: v_attribution: v_license: callout_text: - t_headline: 6. Strategy Thinktank t_text: Strategic business planning decision making discussions should include more than just a business owner and high level executives. Inviting team members from throughout the organization optimizes decision making capabilities.

Of course, not every employee on staff needs to be invited to decision making discussions. However, staff members that have demonstrated excellent decision making skills in the past may help business planning initiatives significantly. p_headline_type: h3 image: i_image: t_description: v_attribution: v_license: callout_text: - t_headline: 7. Plan Composition t_text: Composing an action plan is an important part of the business planning process. The project leader should be included while action plan composition is occurring.

A small business may assign the project leader role to a business owner or high level executive. A larger corporation will likely assign the project leader role to a high level internal executive or a third party consultant.

The project leader must make sure that the action plan sets the strategic business plan up for success. p_headline_type: h3 image: i_image: 7-plan-composition-1613595705-1902.png t_description: //pixabay.com/photos/entrepreneur-startup-start-up-man-593372/ v_attribution: //pixabay.com/photos/entrepreneur-startup-start-up-man-593372/ v_license: Creative Commons Zero callout_text: - t_headline: 8. Plan Measurement t_text: Consistently measuring strategic business plan success will help business professionals identify any issues. By identifying issues earlier on, corrective action can be taken more quickly and a lot of serious long term damage may be averted.

Measurements should incorporate a variety of key performance indicators and data analysis. The insights gained from strategic business plan measurement will help business professionals in the future when they are building out the next plan. p_headline_type: h3 image: i_image: t_description: v_attribution: v_license: callout_text: - t_title: Note- t_text: From key performance indicators to more complex data analysis, strategic business plan measurement will help business professionals make sure the plan stays on track. - t_headline: Key Takeaways t_text: p_headline_type: h2 image: i_image: t_description: v_attribution: v_license: callout_text: event_body: json-ld_event: t_name: Employee Scheduling for Restaurant Managers t_description: Attendees will learn how create excellent schedules. The class teaches managers how to estimate the number of employees they need to staff their locations; how to accurately forecast their customer demand; how to quickly and accuaratly write and communicate schedules to employees; and how to evaluate the accuracy and optimization of their schedules to make adjustments. v_start_date: 2022-08-08 i_image: p_location_name: Altametrics Online Webinar Course p_address: webinar.hubworks.com?site=altametrics v_price: 10.00 t_offer_description: Priority Registration v_registration_url: webinar.hubworks.com?site=altametrics ---