What Is Strategic Business Planning

What Is Strategic Business Planning-35
You might call business planning that converts the corporate strategy into clear actions with resources strategic business planning. While there may be some overlap between strategic planning and business planning, they are not the same thing.The differences are such that the umbrella term strategic business planning may be unhelpful.Long-range planning with the present and sets out steps to meet estimated future needs.

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Understand that a strategic plan differs from a business plan in three ways -I define strategic planning differently to some others. Begin with a clear understanding of and commitment to the enduring purpose of the organization.

Strategic planning is a systematic, formally documented process for deciding the handful of major decisions that an organisation, as a corporate whole, must get right in order to thrive over the next few years.

The usual ‘business plan’ details the past, present, and forecast performance of the business in financial terms.

Therefore, it usually contains pro-forma balance sheet, income statement, and cash flow statement.

Unfortunately, the terms strategic planning and business planning have multiple meanings. When put together as strategic business planning it can be even less clear.

Let us look at each individually, and then see what sense we might make of them together.

In general, a strategic plan is a broadly defined plan aimed at creating a desired future.

In organizations, strategic planning is a systematic way of creating this plan.

This makes sense in a stable or very slowly changing environment.

At each stage the planner asks, "What must be done here to reach the next, projected stage of performance?

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