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Because a strategic plan establishes a direction for your business to take, it will help it sharpen its focus in order to get there. Strategic planning can therefore help your organization develop the right goals and targets and help everyone focus their efforts into meeting them. Taking the time to establish a comprehensive strategic plan means your business has a better awareness of its strengths and weaknesses and where it stands in the market, both individually and in relation to competitors.

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With a definitive mission and clear goals and objectives to work towards, your staff will know their efforts count towards something and will be motivated to do their job. Strategic planning: Why do we need to do it?

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It outlines a clear path for your company No business can hope to succeed by not having a plan and simply hoping to stumble across success. Strategic plan.

A business plan answers "what do I want to do? Its purpose is to define where you want to take your business.

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A strategic plan , on the other hand, answers "how will I do it? The business plan is a broader, more preliminary document that sets your course when your company may still be nothing more than a twinkle in your eye. If you were to sit down with a potential partner, investor or banker, this document contains the answers to the key questions they are bound to ask.

This includes a specific description of the goods or services you propose to offer, your target market and your unique selling proposition to customers.

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How will you market it? More importantly, neither can anyone else.

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You find that when you explain your business to a potential client, you tell different stories about how you provide value. Everything on your to-do list is a priority. In fact, you normally pursue all opportunities for fear you may miss the big one.