Strategic Business Plan Definition

Business plans provide companies with the tools to track growth, establish a budget and prepare for unforeseen changes in the market place.A strategic plan includes many elements a business can utilize to attract financing and manage company objectives.

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She studied political science at Arizona State University and her education has inspired her to write with integrity and seek precision in all that she does.

Strategic planning is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy.

The plan can serve as an outline for successful completion of company milestones.

Company owners are in a better position to not only understand their business but become experts in their industries.

The plan allows a company to know as much as possible about the needs of its customers and gaps in the marketplace that need to be filled.

A strategic business plan helps a company provide better, more targeted service to its clients.

For example, a strategic business plan will attempt to identify a target market, narrow it down to a manageable size, and establish a strategy for acquiring those customers.

Writing a strategic business plan has many advantages.

However, strategic planning is analytical in nature (i.e., it involves "finding the dots"); strategy formation itself involves synthesis (i.e., "connecting the dots") via strategic thinking.

As such, strategic planning occurs around the strategy formation activity.

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