What is a strategic plan for a business?
Businesses define strategic plans based on the outcomes they want to accomplish. By setting objectives, companies can come up with the types of strategic plans necessary to reach their targeted goals.DefinitionAccording to the U.S. Environmental Protection Agency, a strategic plan is the process of identifying measurable outcomes and describing how a company intends to achieve those targeted goals.FunctionStrategic plans help businesses reach their overall objectives by staying true to the company’s mission and values. Businesses can look at a strategic plan as a map of how to get from Point A to Point B.FeaturesStrategic plans are usually full of information, ideas and visions. However, according to an update by Strategic Market Segmentation, a good strategic plan remains concrete, and contains measurable outcomes. A tight strategic plan can help businesses accomplish their targeted goals in a more organized fashion.TypesDifferent types of strategic plans exist—short-term, long-term
