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The plan is an organizational tool that helps to keep a company on track to meet growth and financial objectives.
Business planning is necessary for company growth and success.
Business plans provide companies with the tools to track growth, establish a budget and prepare for unforeseen changes in the market place.
This is achieved by carefully analyzing a particular business industry and being honest about your company's strength and weakness in meeting the needs of the industry.
A strategic business plan is necessary to optimize market research and to attain optimum market share for your business.
A strategic business plan is a written document that pairs the objectives of a company with the needs of the market place.
Although a strategic business plan contains similar elements of a traditional plan, a strategic plan takes planning a step further by not only defining company goals but utilizing those goals to take advantage of available business opportunities.A strategic plan includes many elements a business can utilize to attract financing and manage company objectives.To optimize strategic business planning, businesses must clearly define company goals and conduct extensive research to properly understand industry trends.Sherrie Scott is a freelance writer in Las Vegas with articles appearing on various websites.She studied political science at Arizona State University and her education has inspired her to write with integrity and seek precision in all that she does.Too many people falsely believe that strategic thinking, formulation and implementation is only for the big outfits…you know, the Toyotas, Microsofts, Honeywells, Nokias, and the Exxon Mobils.Our experience, working closely with people from all walks of life and from all sizes of organization, suggest the opposite is true — smaller organizations need to be more devoted to strategic thought and action as much or more than the big players out there.Have a strategy adaptation meeting with all hands twice a year for a couple of hours to clarify the direction, make adjustments and respond to questions.Your strategic analysis should look at six aspects of the business.Strategic planning for a small business doesn’t have to be as formal, as long, or as detailed as with a large company.The most important thing to do is strike up a dialogue with your customers, employees, vendors, investors, and do your homework about your competitors.