BUSINESS Vs STRATEGIC PLANNING
Most business men and woman are quite familiar with and capable of preparing a Business Plan. However, the same can’t be said when it comes to a Strategic Plan, and many confuse one with the other.
So, what is the difference?
Well for starters, a business plan is short-term with a single focus. It’s typically associated with an application for business finance and is therefore most common with start-ups.
While on the other hand, a strategic plan offers a long-term view (2 to 5 years) and addresses several areas of a business i.e. customer demographics, marketing and product ranging. It addresses the ‘who’, ‘what’, ‘when’, ‘where’ and ‘how’. More importantly, a strategic plan is proof of a going concern. So, just having one can increase the value of a business by up to 5 x EBIT.
If Strategic Planning is new or you simply want some expert help preparing one for your business, then idResults has the solution. You might be surprised by the benefits that come from a second pair of eyes or through an independent facilitator without a vested interest.
idResults has drawn on 30+ years’ experience in business strategy to develop a strategic planning tool and process that’s easy to understand and easy to follow. It’s equally suitable for an individual as it is for a management team and can be applied to a business of any size.
The corner stone is an exclusive diagnostic questionnaire. It’s used to gather vital information about a business which is then reviewed and analysed. From this, clearly defined company objectives are set, and a detailed plan is then prepared to achieve them.
Prepared with the consideration of key stakeholders it has the power to gain their understanding and commitment to the action needed to reach your goals.
Once documented, it provides the company with a blueprint that acts like a step by step guide to success.