The following discussion will focus on developing a strategic business plan.

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Introduction

Every businessman in the world today is looking for the best alternative strategies for the purpose of remaining relevant in the field. This is owing to the fact that the business environment is becoming very competitive. For that reason, there is need for better planning to win the favor from the consumers while making revenue at the same time. The following discussion will focus on developing a strategic business plan.

A good business plan will only be developed after conducting feasibility study in the area it will be located (Eric, 1999). This will help in knowing whether such a business will perform in those environments. Feasibility study assists the management to appreciate the current status of a similar existing business, know the objectives that one will want for the business and finally, have a clue of the strategies to be employed. A sound business plan should begin by stating its vision, mission, objectives and goals. A vision should be a picture of what a potential business man wants to see in the next few months or years in his business in terms of expansion, customer care services and quantity and quality of goods produced. A vision acts as an incentive to hard work as one aims at achieving that kind of dream.

A mission on the other hand should indicate the purpose for which the business exists. Every business has bits role in the community and this should be well indicated as it will act as a guiding principle to avert any chances of venturing in other areas which were not part of the business plan (Patrick, 1997). For instance, the business could exist for simple reason of supplying raw materials for manufacturing companies. The objectives on the other hand are defined as the results to be achieved either in the long or short- run. One of the objectives would for instance be ‘to be the leading business in matters concerning customer care services.’ Objectives are important as from time to time they are referred by the management to see whether there is any progress as far as performance is concerned.

Business plan should also have goals to be achieved. Goals are differentiated from visions and missions in that the former are quantifiable while the last two are qualitative in nature (Stephen, 2004). Goals give a stipulated period of time by which the mission, vision and the objectives of the business are to be achieved. For instance, a goal could state that in the next two years, a certain business will have diversified in terms of services offered. However, all the above are not enough for a successful business plan. There is the need to develop creative business strategies. It is through such strategies that the business will realize the mission, vision and the objectives. For instance, in the SWOT analysis, the business strategies should be in a way that it builds on strengths, seeks solution to all the weaknesses, exploits the opportunities available and by all means avoids threats.

In conclusion, a good business plan should be guided by the findings of a feasibility study, the missions, vision, objectives, goals and business strategies. All the factors should be balanced and monitored from time to time for the purpose of knowing the progress of the business. The goals of the business should be as realistic as possible.

Reference

Eric S. (1999), ‘The Ernst & Young Business Plan Guide’ (New York: John Wiley and Sons) HYPERLINK “http://en.wikipedia.org/wiki/Special:BookSources/0471578266” ISBN 0471578266

Patrick L. (1997). Successful Strategic Planning: A Guide for Nonprofit Agencies and Organizations. Newbury Park: Sage Publications.

Stephen, J.(2004). ABCs of strategic management : an executive briefing and plan-to-plan day on strategic management in the 21st century.