What Is A Strategic Business Plan

What Is A Strategic Business Plan-39
The description 'strategic business planning' may be confusing.

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The differences are such that the umbrella term strategic business planning may be unhelpful.The usual ‘business plan’ details the past, present, and forecast performance of the business in financial terms.Therefore, it usually contains pro-forma balance sheet, income statement, and cash flow statement.This shows how the funds requested will affect the organization’s financial position.To convince the prospective finance providers that the seekers know what they are doing, they go into a lot of detail.However, as the details become finer grained, the confidence we can put in the figures starts to fall.Very detailed financial projections, which might extend much beyond one or at most two years, cannot be believed."In contrast, ‘strategic’ business planning does not assume you can simply extend the recent past into the forecast future.It requires taking into account significant change in the environment.Long-range planning with the present and sets out steps to meet estimated future needs.This usually involves extrapolating from past performance to forecast likely future performance.

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