We're often asked to clarify the difference between a Strategic Plan and a Business Plan.   So let's take a look at what are the steps to each planning process and additionally look at the benefits to completing a Strategic Plan.  Remember companies don't plan to fail, they fail to plan. 

[For additional information please review the article Strategic Planning.   You can also review our suggested process for implementing a Strategic Plan as discussed in our workshop.  If you have any questions regarding Strategic Planning please contact Programs@opi-inc.com.]

1. Define overall business strategies (note: see our Strategies for Success).
2. Establish core business values.
3. Establish a long term Vision Statement – what you want to become as a company and what you want your customers to experience from serving them.
4. Complete an external competitive and business climate assessment.
5. Complete an internal organizational assessment (functional challenges and obstacles).

1. Establish a Mission Statement – what you have to accomplish internally in the company and externally with customers to achieve your vision statement.
2. Define performance Key-Results Areas, Business Operating Goals, Action Plans and support department objectives and development requirements, Customer Satisfaction Measurements.
3. Develop a Marketing Plan (product offering, market segment strategies, marketing communication and advertising strategy, and sales support)
4. Develop a Sales Plan (territory strategies, key account management programs, sales goals and personnel development requirements).
5. Develop a Financial Plan (sales, revenues, costs, operating expenses, capital requirements and key operating assumptions).
6. Establish reporting and benchmarking timeframes, status meetings and follow-up on Key-Results Areas.

Companies generally focus on a Strategic Plan from every other year, however the range can be every year to every five years. Companies will generally go through a Business Planning process every year. Remember Companies don’t plan to fail, they just fail to plan.

1. Creates a common focus and a sense of motivation and ownership.
2. Establishes a common language and commitment.
3. Clearly establishes operating challenges and obstacles.
4. Defines specific operating and staff development initiatives essential for growth.
5. Focuses everyone on the importance of serving both the internal and external customer.
6. Establishes financial operating goals.
7. Defines operating priorities.
8. Benchmarks your marketing and sales strategies against your competition.
9. Provides for the bases of a stronger relationship with your lenders.
10. It creates a definition for success and longevity