A strategic plan should not be confused with a business plan. Whilst a strategic plan can provide the foundation and frame work for a creating a business plan, they are two very different things. A strategy provides a living and breathing template for running the business, and engaging everyone involved in achieving a common goal. A business plan is often written to communicate with people external to a business to justify financial support or ongoing investment at a very specific point in time – they typically have very limited shelf life and can usually be found gathering dust in the top drawer of the MD’s desk!
A serious strategic plan must be realistic and attainable so as to allow managers and entrepreneurs to think strategically and act operationally. Getting away from the day to day running of the business to allow time and space for planning is a challenge for most people. This is where a good strategic partner can add enormous value.
