It includes your company’s organizational structure, marketing plan and financial projections.
A strategic plan, on the other hand, answers "how will I do it? It includes a detailed action plan for the next few years to achieve your company’s goals.
It’s often the founding document of a new business.
There’s a lot of overlap between the two, but there are also some crucial differences you should understand. Its purpose is to define where you want to take your business.
Whether you’re looking to set new business priorities, outline plans for growth, determine a product roadmap or plan your investment decisions, you’ll need a strategy.
Coming to the realisation that your organisation needs one is easy. Here are six simple steps to help you deliver an effective business strategy: To know where you’re heading, you have to know where you are right now.Since 2001, Mind Genius has been helping professionals, teachers and students around the world to maximise their effectiveness.Mind Genius enhances and complements the productivity tools that you use everyday.…Like the vision statement, this defines the organisation’s purpose, but it also outlines its primary objectives.This focuses on what needs done in the short term to realise the long term vision.There are many tools and techniques available to help with this process, such as SWOT (Strength, Weakness, Opportunities and Threats) analysis.You should look internally at your strengths and weaknesses.Business gurus have debated long and hard about what comes first – the vision, or the mission statement (see step 3).But, in practice, you could develop both at the same time.By taking a look back at your review in step one, in particular the SWOT and PESTLE analysis, you can incorporate any identified strengths and weaknesses into your objectives.Crucially, your objectives must be SMART (Specific, Measurable, Achievable, Realistic and Time-related).