Planning is future oriented, whereas Strategy is action oriented. Planning takes assumptions, but Strategy is based on practical experiences. Planning can be for short term or long term depending upon the circumstances. Unlike Strategy, which is for the long term.
Strategic planning is the process of documenting and establishing a direction of your small business—by assessing both where you are and where you're going. The strategic plan gives you a place to record your mission, vision, and values, as well as your long-term goals and the action plans you'll use to reach them.
The six stages of the process are goal-setting, team, analysis, strategy formation, strategy implementation and strategy monitoring.
The purpose of goal-setting is to clarify the vision for your business.
- Clarify Your Vision.
- Get the Right Stakeholders Involved.
- Gather and Analyze Information.
- Formulate a Strategy.
- Implement Your Strategy.
- Evaluate and Control.
A business strategy is the means by which it sets out to achieve its desired ends.
Evaluate what has been been implemented. Test, measure and return results.
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