• Home
  • Finance
    • Financial Management
    • Strategic Management
    • Investment Analysis and Portfolio Management
    • Project Management
    • Islamic Banking & Finance
    • Auditing
  • Marketing
    • Principle of Marketing
    • Marketing Management
    • International Marketing
    • Advertising & Promotion
    • Commercial Challenges
  • HRM
    • Human Resource Management
    • Principles of Management
    • Training & Development
    • Employee Performance Management
  • Others
    • Introduction to Business
    • Business Communication
    • Banking & Finance
    • Entrepreneurship
    • Economics
  • Personal Skills
  • Tips & Tricks
  • About Us
    • Contact US

Business Study Notes

B.Com, M.Com. BBA & MBA Exam Study Online

  • Home
  • Finance
    • Financial Management
    • Strategic Management
    • Investment Analysis and Portfolio Management
    • Project Management
    • Islamic Banking & Finance
    • Auditing
  • Marketing
    • Principle of Marketing
    • Marketing Management
    • International Marketing
    • Advertising & Promotion
    • Commercial Challenges
  • HRM
    • Human Resource Management
    • Principles of Management
    • Training & Development
    • Employee Performance Management
  • Others
    • Introduction to Business
    • Business Communication
    • Banking & Finance
    • Entrepreneurship
    • Economics
  • Personal Skills
  • Tips & Tricks
  • About Us
    • Contact US
Home » How to Develop a Strategic Plan? | Structure and Process

How to Develop a Strategic Plan? | Structure and Process

By Richard Daniels Reading Time: 3 mins
Updated March 25, 2017

Do you wants to know how to start developing a strategic business plan? First we must differentiate between business plan and strategic plan. A business plan is usually done for different reasons, such as investment research, and covers general concepts about the company such as business model, sales model, financing required and others, however, a strategic plan reflects the Strategy and operations to achieve specific objectives.

Structure of a Strategic Plan

To begin, I must say that the usual structure of a strategic plan is organized as follows:

  1. Strategic plan
  2. Operational Plans
  3. Operational Action
  4. Tactical Action

Let’s look at each of the parts of the strategic plan as a concept and then structure it into files.

Strategic Analysis

This phase is the most conceptual and tries to analyze the context in which our company will move during the period of the strategic plan.

My advice in this part is that you use tools such as  SWOT analysis , PESTEL or Porter also described in my ebook ” The final technical 25.5 business strategy .”

Formulation of Strategies

At this stage, and according to the results that you obtained from strategic analysis, you must identify all possible strategies to be implemented to achieve the objectives. Some tools that can help you at this stage are , for example, the strategies defined by Porter niche focus, cost and differentiation , or strategies defining Ansoff in its matrix are product development, market development, penetration market or differentiation.

There are many more tools, but really the important thing is to select one or two that perfectly fit your goals to achieve.

Keep in mind that if you try to implement several of them at the same time you run the risk of losing focus and effectiveness in the use of resources.

Operational Plans

If for all the previous phases there are tools of help and guide, for the development of the operational plans, by its specific character, there is not much about it, and what there is, will not be valid.

Operational plans can come out several, it is logical. In fact, each strategic objective identified in the phase of Strategic Analysis can leave an operating plan. In my professional career the normal thing has been to develop between 2 and 5 operational plans.

Operational plans must include a set of operational actions, and if they are sufficiently broad, as is usually the case, should be divided into tactical actions, the minimum unit of action.

How to Physically Structure your Strategic Plan?

Strategic plans that work are those in which the staff has been actively involved in its conception, therefore, my advice in this regard is to use any system or Cloud Storage Cloud storage as Google Drive. This tool allows you to collaborate and not have to work with versions since it is Drive who stores all the changes, two advantages of high value.

Different Stages of Strategic Management Process

A good directory structure and files would be:

  • A text document called “Strategic Plan” setting out the strategic analysis, strategy formulation, selecting them and identifying operational plans, but not its development, only identification.
  • A spreadsheet called “Balanced Scorecard” organized by tabs, containing a summary of all operational actions plans with their percentages of achievement. In addition, it will contain a tab by operating plan that will collect the objectives by tactical actions.
  • A text document called “Operational Plan …” for each of the identified operational plans . These plans have to include the detailed explanation of the operational actions, their objectives, their managers and the smaller tactical actions, with their description.
  • We will have to create a directory or folder operating plan with the same name, in which we collect the control documents , i.e documents that will support tactical actions. For example, if a tactical action consists of identifying collaborators, in the corresponding operational plan we will explain this action and its necessity, and we will put a link to your control document where we will insert each of the detected collaborators and their status.

Drive allows us to link files in an easy way, which makes us very agile moving between the file structure of the Strategic Plan.

Remember the importance of the risk of paralysis by analysis. Given this, design the strategic plan while you execute this part of it in parallel.

I hope I have transmitted these ideas in a clear way for your understanding, because if it were not so, I would not have fulfilled my goal of communication with you.

Author at Business Study Notes
Richard DanielsAuthor at Business Study Notes

Hello everyone! This is Richard Daniels, a full-time passionate researcher & blogger. He holds a Ph.D. degree in Economics. He loves to write about economics, e-commerce, and business-related topics for students to assist them in their studies. That's the sole purpose of Business Study Notes.
Love my efforts? Don't forget to share this blog.

Related Posts:

  • Communication Strategies Definition | Types of Communication…
    Communication Strategies Definition | Types of Communication Strategies
  • What is the Process of Motivation? Explain in detail
    What is the Process of Motivation? Explain in detail
  • Process of MBO (Management by Objectives) - Explained with…
    Process of MBO (Management by Objectives) - Explained with Examples
  • Talent Management: Definition, Strategies, Models, Process,…
    Talent Management: Definition, Strategies, Models, Process, Practices
  • Risk Management: Definition, Types, Model, Process,…
    Risk Management: Definition, Types, Model, Process, Strategies, Practices

Filed Under: Strategic Management Tagged With: Structure of a Strategic Plan

Related Posts

System-Views-of-Management-image

System Views of Management

System Views System views of management associates with the Management division of the organization and it assumes that all of the organizations are … [Read More...]

Leadership Theories

Situational Leadership Theories

Situational Leadership Theories Situational model of leadership is a factor that emphasizes the behavior of the leaders regarding different situations. … [Read More...]

Behavioral Leadership Model

Behavioral Leadership Model

Leadership  Leadership is the most critical and complex responsibility across any organization. It is because the leadership requires to be realistic, … [Read More...]

career development process in hrm

Career Development Process

Career Development Process Today's career development process has become a threat for students, especially a question that may stun many students who have … [Read More...]

Strategic leadership

Strategic Leadership Model

Strategic Leadership Model The strategic leadership model is basically the study of the leadership style. It describes the ways of modernizing an … [Read More...]

Types of Managerial Decision Making

Types of Managerial Decision Making

Managerial Decision Making Decision Making is an art of selection of one feasible alternative decision from many. Therefore types of managerial decision … [Read More...]

Quantitative-management-approach

Quantitative Management Approach

Quantitative Management Approach The quantitative management approach is used to enhance decision making power by using quantitative tools. As well as … [Read More...]

Effective-business-messages-image

Effective Business Messages

Effective Business Messages The process through which business messages are effectively prepared that have the potential to create desired results from … [Read More...]

Search the Site

ADVERTISEMENT

Business Study Notes

Business Study Notes is all about business studies or business education. Visit us to find here free business notes of all the subjects of B.com, M.com, BBA & MBA online.

Disclaimer

All the images and videos present on the Business Study Notes are not owned by us, if you found anything under copyrights, please Contact Us, we will remove it ASAP.

Categories

© Copyright 2023 Business Study Notes. All rights reserved. Privacy Policy, Sitemap.  
DMCA
PROTECTED