What Is Strategic Business Planning

What Is Strategic Business Planning-80
Long-range planning with the present and sets out steps to meet estimated future needs.This usually involves extrapolating from past performance to forecast likely future performance.

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Corporate strategic planning differs from business planning. They have different planning time horizons, different flavors of forecasts, different levels of detail, mostly different intended audiences, and a different balance of words and numbers.

The strategic plan is different from the business plan. If you must use the phrase strategic business planning, I urge you do it with a clear definition of strategic planning in mind.

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.

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.

It begins with the desired-end and works backward to the present.

At every stage of strategic-planning the planner asks, "What must be done at the earlier stage to reach here? It is flexible in choice of its means of achieving the desired end state.

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.


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