How To Develop A Strategic Business Plan

This guide sets out the basics of the strategic planning process.

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.

A strategic plan needs to be realistically achievable.

As with any business activity, the strategic planning process itself needs to be carefully managed.

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.

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.

Try to find a mix of creative thinkers and those with a solid grasp of operational detail.

A good rule of thumb is that you shouldn't try to do it all yourself.

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