What is a Strategic Business Plan?

A Strategic Business Plan is much more than a tool to obtain financing. If you still have all your plans and ideas locked up inside your head, preparing a strategic plan helps you to clarify your company’s direction, ensures your key leaders are all “on the same page”, and keeps both management and staff focused on the tasks at hand.

A Strategic Plan is often needed when…

• Starting a new venture, product, or service

• Expanding a current organization, product, or service

• Buying a new business, product, or service

• Turning around a declining business

The Strategic Plan provides a blueprint, describing your company, its products, the competitive environment, management team, financial health, and business risks.

Written By: Kennesha N Snead