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However, depending on your business stage and goals, one may be more useful than the other.A strategic plan is for a 3-5 year period and sets out the tasks, the milestones and the steps needed to drive your business forward. A business plan focuses on a shorter term, usually no more than a year, and serves a specific goal - eg starting a business, getting funding, or directing operations.
By contrast, the purpose of the business plan is to provide the detailed route map that will take you in your desired direction.
Effective strategy development requires a shift in focus from day-to-day concerns to your broader and longer-term business options.
Learn more about the key elements of strategic planning.
Both strategic and business plan documents are essential planning tools for your business.
A strategic plan is typically focused on mid to long-term goals and explains the basic strategies for achieving them.
The purpose of strategic planning is to set overall goals for your business and to develop a plan to achieve them.Strategic planning is necessary to determine the direction for your organisation.It focuses your efforts and ensures that everyone in the business is working towards a common goal.It tells you how to develop a strategic plan and what key elements you should consider in your business' strategy.It also outlines the main steps in the strategic planning process and gives examples of common planning models you can use, such as PESTLE analysis and SWOT analysis.A strategic plan needs to be realistically achievable.As with any business activity, the strategic planning process itself needs to be carefully managed.To do this, you might want to start collecting and analysing a wider range of information about your business - both about how it operates and about how conditions are developing in your current and potential markets.The process of strategic planning is about determining the direction in which you want to take your business.A strategic plan is focused on mid to long-term goals and explains the basic strategies for achieving them.This guide explains the purpose of strategic planning.