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Business 101: Objectives of Strategic Planning

Matswapati June 25, 2020 Strategic Planning

objectives of strategic planning Strategic Planning Business 101: Objectives of Strategic Planning

What comes to your mind when you are asked about what is strategic planning in business? Or, when you are asked about the objectives of strategic planning for your business, what do you say? Those who are already in the business world must have realized that a strategic plan becomes an essential part of business growth.

As we all know, the strategic plan exists to help business owners to prepare a realistic vision for their business future. Not only that but the strategic plan also exists to push the potential of the business owner to the max so the business can grow successfully. Then, is the strategic plan the same as the business plan?

No, they are different. Although both the strategic plan and business plan are meant for business growth, their focuses are different. The strategic plan is focused on the mid up to long-term business goals and then give details about the basic strategies on how to achieve the goals. Meanwhile, the business plan is focused on setting short up to mid-term business goals and defining the steps on how to achieve the goals.

Now that you have already understood the basic information of what is a strategic plan, we are going to go further into learning about strategic planning and why is it important for you in building a strategic plan.

The Purpose
First thing first, we are going to talk about the purpose of strategic planning. To refresh your mind, strategic planning is a kind of process that can help you, as the business owner, in setting a goal or an ambition for the sake of your business and decide on the best way to achieve the goal.

There are at least three keys to the purpose of the strategic planning area. Such as:
1. Mission: which define the purpose of the business
2. Vision: which describe the way that you want to apply to achieve the goals
3. Plan: which outline the best way to achieve the goals

As you all know, we already explained to you that the strategic plan is different from the business plan. The business strategic planning process requires you to step back from the day-to-day operations where the business is heading and setting long-term goals, priorities, and also objectives for the future of the business.

The Importance
The next thing that we need to talk about in the objectives of strategic planning is the importance of the strategic plan. Now, a strategic plan is essential for all kinds of business. Even if you have a small business, you still need to create a strategic plan example for small business so that you can expand the wing of your business.

But then, why is strategic planning and implementation so important? The reason is that the strategic plan is crucial to help you to set the direction of your business. The strategic plan will focus on the effort and make sure that all of the people within the business are walking towards the same goal.

Not only that but, the strategic plan can also help you to:
1. Determine the actions that will contribute to the growth of the business
2. Align the resources to help achieve the optimal results
3. Prioritize the financial needs of the business
4. Give you a competitive advantage
5. Help you to communicate better with the staff to decide what actions should be done

The strategic plan can also help you to manage your business and decrease the chance of business risks to emerging. By creating a strategic plan, it will help you to reduce uncertainty, outline some potential risks to your business, run the risk control measures, and to help you to consider to reduce the impact of the risks if occurred.

The Objectives
After you know why creating a strategic plan is essential to your business, it is time for you to know about the objectives of the simple strategic plan template. For your information, there are five objectives that you need to know that should exist in the strategic plan. These objectives will be the ones that indicate the successfulness of your business. We can say that these five objectives are the pillars that can hold your ground and lead to your success.

1. Quality
The first objective is quality which is one of the most essential objectives in the business world. In order for you to attract the customer or gather crowds, you need to be able to produce goods and services with great quality. By letting your business have a good reputation, these customers will continue to choose your business and tell other people how good your business is.
This way, other potential customers will come to you. Maintaining good quality is essential as it will increase the satisfaction of your customers and you will be able to develop long-lasting relationships with your customers.

2. Speed
The second objective that needs to be in the business growth plan template is the speed. Here is the thing, no one wants to wait in line for a long time to get their food and also, no one wants to wait for a long time to get the thing they ordered online. This is why speed is very essential. By giving your products or services quickly to your customers, it will increase satisfaction. If the customers are satisfied, they will come back to your business.

3. Dependability
Besides speed, you also need to always be consistent, transparent, and keep your promises.

4. Flexibility
The market and customers’ needs are always changing from time to time. This is where your business needs to be flexible. You need to be able to keep on fulfilling what your customer needs before they go somewhere else.

5. Cost
The last objective of strategic planning that should be in the annual business plan template is the cost. It does not matter whether the cost of the sources of your products and services are getting higher or lower, your customers will always want your products and services to have the same price. This is where you need to act smartly to keep the price as low as possible but still have a great quality.

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