A strategic plan should not be confused with a business plan.A business plan is about setting short or mid-term goals and defining the steps necessary to achieve them.Or you might decide to hold strategy brainstorming sessions - which might involve seeking contributions from a broader range of employees and even key customers. But don't neglect the outcome - it's also important to make sure you capture the results in a strategic planning document that communicates clearly to everyone in your business what your top-level objectives are.
A strategic plan should not be confused with a business plan.
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.
You should balance your vision for the business against the practical realities of your current position.
You need to take into account the implications of any changes, such as increased investment in capital and other resources.
It involves stepping back from your day-to-day operations and asking where your business is headed and what its priorities should be.
Taking the decision to grow a business means embracing the risks that come with growth.
A SWOT analysis identifies the internal and external factors that are favourable and unfavourable to achieving a business goal: Growing a business can pose some considerable personal challenges to the owner or manager, whose role can change dramatically as the business grows.
Effective strategic planning involves challenging the way that business has been done up to this point.
Everyone involved should know what is expected of them and when.
Consider holding a series of weekly meetings with a strategy team before delegating the drafting of a strategy document to one of its members.