Why You Need a Strategic Business Plan And How to Actually Write One

A strategic business plan is a critical document for any organisation, regardless of its size or industry.

It outlines the company’s vision, mission, and objectives, as well as the strategies and tactics that will be used to achieve them. It also establishes a system for monitoring and measuring progress and making adjustments as needed.

Having a well-written and well-executed strategic business plan is essential for a business to succeed. It provides a clear roadmap for growth and helps to ensure that the business is making the most of its resources, including time, money, and talent.

Strategic business planning

A strategic business plan also helps to align the efforts of all stakeholders, including employees, shareholders, and customers, towards a common goal. In today’s fast-paced business environment, having a strategic plan can give a business a competitive edge, and help it to achieve its goals and objectives.

A good planning framework that can be used to create a strategic business plan is PR Smith’s SOSTAC®  Planning Framework – Situation, Objectives, Strategy, Tactics, Action, Control.

There is more information about the SOSTAC® Planning Framework here.

PR Smith’s SOSTAC®  planning framework

Here’s a brief guide on how to use SOSTAC® to write a strategic business plan:

Situation:

Begin by analysing the current situation of your business. This includes analysing the external and internal factors that may be impacting your business, such as the economic environment, competitors, and current market trends. This step will give you a clear understanding of where your business stands and where it needs to go.

Objectives:

Once you have a clear understanding of the current situation, set specific, measurable, achievable, realistic, and time-bound (SMART) objectives for your business. These objectives should align with your overall vision and mission and should be specific to different areas of your business, such as sales, marketing, and operations.

Strategy:

Based on your objectives, develop strategies that will help you achieve them. These strategies should be aligned with your overall vision and mission and should take into account the current situation of your business.

Tactics:

Once you have developed your strategies, develop specific tactics that will help you implement them. These tactics should be specific, actionable, and measurable and should align with your overall strategy.

Actions:

Once you have developed your tactics, create an action plan that outlines the specific actions that need to be taken to implement them. This should include who will be responsible for each action, when it will be completed, and any resources that will be required.

Control:

Finally, establish a system for monitoring and measuring the progress of your plan. This should include specific metrics that will be used to track progress and regular reviews to ensure that the plan is on track. Any necessary adjustments should be made based on the results of the review.

Summary

By using the SOSTAC®  framework, it ensures that your business plan is well-structured and covers all the important elements. Additionally, it is also a useful tool for monitoring and measuring progress, making adjustments as needed, and keeping your plan on track to achieve your objectives.

Further references

1. SOSTAC® Video (4 mins from PR Smith) www.PRSmith.org/SOSTAC (scroll to bottom)
2. SOSTAC® Guide to your Perfect Digital Marketing Plan (2020) book
3. SOSTAC® Blog (posts from PR Smith): www.PRSmith.org/blog
4. SOSTAC® Groups are also on Facebook & Linkedin
5. SOSTAC® Instagram https://www.instagram.com/sostac_planning/