Business Planning Hq

Your vision should outline where you want to take the business in the medium to long term and can be expressed as a series of objectives.

So many business owners fail to put pen to paper because they are waiting for more certainty regarding their current financials, funding, sales or partners but your business plan should steer your activity, not the other way around.

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A strategic plan focuses on building a sustainable competitive advantage and is futuristic in nature.Whereas a business plan is used to provide a structure for ideas in order to initially define the business.A strategic plan is critical to prioritizing resources (time, money and people) to grow the revenue and increase the return on investment.To fund your business start up or expansion you’re almost certainly going to need a business plan to convince the bank or investors that your business is a good financial risk.A business plan should demonstrate how much money you need, why you need it and when your investors are likely to get repaid.Whereas a business plan is used to assess the viability of a business opportunity, and is more tactical in nature.A strategic plan is used to communicate the direction of the organization to the staff and stakeholders.Most business owners fail to make a start on their business plan because they are either too busy or don’t understand what is required in the plan.Too often they are working IN the business dealing with day to day issues instead of working ON the business with strategic planning.While a strategic plan is a type of business plan, there are several important distinctions between the two types that are worth noting.A strategic plan is primarily used for implementing and managing the strategic direction of an existing organization.

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