Strategic Planning

What is a Strategic Plan?

It has been observed and experienced by many that entrepreneurs and or business managers easily become consumed with day-to-day issues thereby resulting in them taking their “eyes off the prize”. In other words they lose sight of their ultimate business goals and it is this same observation that causes the need to develop a strategic plan.

A solid strategic plan should:

  • Serve as a framework for decision-making;
  • Provide a basis for more detailed planning;
  • Explain the business to others in order to inform, motivate & involve;
  • Assist benchmarking & performance monitoring;
  • Stimulate change and become building block for next plan.

It is very easy to confuse a strategic plan with an operational plan. However, the distinction between the two is clear – a strategic plan is visionary, conceptual and directional whereas an operational plan which is likely to be short term, tactical, focused and measurable. A sound strategic plan must be realistic and attainable so as to enable managers and entrepreneurs to think strategically and act operationally.

Basic Approach to Strategic Planning

Some essential points that the Milestone Consulting Group deems important during the review and planning process include the following:

  • Relate to the medium term i.e. 2/4 years
  • Be undertaken by owners/directors
  • Focus on matters of strategic importance
  • Be separated from day-to-day work
  • Be realistic, detached and critical
  • Distinguish between cause and effect
  • Be reviewed periodically
  • Be written down.

 

More Information

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