Author avowal: this article ?Wahid philosophy ?I have include some preliminary and essential information?s that introduced about the strategic planning and business planning idea of readers, learners and businessman, this article also explained my philosophy about the business planning and strategic planning. As a financial consultant my viewpoint that the strategic planning set the foundation followed by business planning to spell out the operational planning,
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Introduction: business planning is a more successful tool than usual strategic planning because it focuses an organization more effectively on the factors that interpret into assessable results and success. A good business plan services the organization to produce, Prioritize, and match these vital components, so that the plan has a greater possibility of being successfully implemented,
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Business review:
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Business review explained the organization, business project or product, reviewing its purpose, management, operations, marketing and finances. Every category of business plan requires analysis, careful assessment of all known factors, and analytical potential results of special options that are open to the company
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What is strategic planning?
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Strategic planning decides where an organization is going over the next year or more, how it?s going to get there and how it?ll know if it got there or not. The focal point of a strategic plan is usually on the entire organization, while the focal point of a business plan is usually on a particular product, service or program
Why Do a Business Plan?
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Business planning is an efficient and official advance to accomplishing the planning, coordinating, and control responsibilities of management. It involves the growth and purpose of: long-range objectives for the project; Business plans become visible in many special formats, depending on the consultation for the plan and difficulty of the business. However, most business plans a business plan is often prepared when:
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1. Opening a new organization, business venture, or product. or
2. Growing, acquiring or improving any of the above.
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There are numerous benefits of doing a business plan, including:
1. To identify a problem in your plans before you implement those plans.
2. To get the commitment and participation of those who will implement the plans, this leads to better results.
3. To set up a roadmap to compare results as the venture proceeds from paper to reality.
4. To accomplish greater profitability in your organization, products and services all with less work.
5. To achieve financing from investors and financer.
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For these reasons, the planning process often is as useful as the business plan document itself
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When Should Strategic Planning needed:
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An organization has been around for lots of years and is in a reasonably established marketplace, then planning capacity be accepted out once a year and only positive parts of the planning process, like dealings planning ? objectives, responsibilities, time lines, budgets, and so on? are efficient every year. Due to the following procedure or purposes Strategy planning is needed in organizations,
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1. Clearly define the purpose of the organization and to establish rational goals and objectives constant with that mission in a clear time frame within the organization?s capacity for achievement.
2. Communicate those goals and objectives to the organization?s constituents.
3. Develop a sense of ownership of the plan.
4. Ensure the most successful use is made of the organization?s possessions by focusing the possessions on the key priorities.
5. Provide a base from which progress can be measured and establish a method for informed change when needed.
6. Listen to everyone?s opinions in order to make agreement about where the organization is going.
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Understanding Strategic Planning
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There are a mixture of perspectives, models and advances used in strategic planning. The way that a strategic plan is developed depends on the nature of the organization?s leadership, ethnicity of the organization, difficulty of the organization?s environment, size of the organization, expertise of planners, etc. like a mixture of strategic planning models, including goals-based, issues-based, organic, scenario some would avow that situation planning is more of a technique than model.
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1. Goals-based planning is probably the most common and starts with focus on the organization?s mission, goals to work toward the mission, strategies to achieve the goals, and action planning,
2. Issues-based strategic planning often starts by examining issues facing the organization, strategies to address those issues and action plans.
3. Whole strategic planning force start by articulating the organization?s vision and values, and then action plans to achieve the vision while adhering to those values. Some planners prefer a particular approach to planning,
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Some plans are ranged to one year, many to three years, and some to five to ten years into the prospect. Some plans take in only top-level information and no action plans. Some plans are five to eight pages long, while others can be considerably longer.
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In addition: The sizes of the organization, differences in how organizations carry out the planning activities are more of a matter of the nature of the participants in the organization than its for-profit/nonprofit status. Strategic planning is the most common form of strategic planning. But issues-based planning is also a very popular approach to strategic planning an approach still too-often forgotten.
Other reasons include that strategic planning:
7. Provides clearer focus for the organization, thereby producing more efficiency and effectiveness.
8. Bridges staff/employees and the board of directors (in the case of corporations).
9. builds strong teams in the board and in the staff/employees (in the case of corporations).
10. provides the glue that keeps the board members together (in the case of corporations).
11. Produces great satisfaction and meaning among planners, especially around a common vision.
12. Increases productivity from increased efficiency and effectiveness.
13. Solves major problems in the organization.
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Purpose of Strategic Planning
The use of strategic planning in higher education has improved appreciably.? Resource constraints and a lively worldwide situation necessitate considerate, strategic philosophy to be fixed in the decision-making process of a university, at all levels.?Particularly, the reason of strategic planning is to:
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1. Assist people identify the association over the next 20 plus years
2. Produce a directional article, to lead although not warning future chances
3. Permit the university to support strategic objectives with economic and human wealth
4. Supply an instrument to frequently assessment and make sure brilliance in education, examine and outreach
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Always First Do ?Plan for a Plan?
As well a lot, planners skip into the planning procedure by reviewing the organization?s assignment or then establishing a idea and targets to achieve in the future. as a substitute, planners should always set up by doing a ?plan for a plan.? When planner skip this step, they too often create a plan that is not applicable to the organization, idealistic to apply, and nonflexible to the traditions and restrictions of the organization.
Strategic Analyzing External and Internal Environments
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A common complaint about strategic plans is that they are just ?to-do? lists of what to achieve over the next few years. Or, others protest that strategic planning never seems to come in handy when the organization is faced with having to make a not easy, major decision. Or, other complains that strategic planning actually doesn?t help the organization face the future. These complaints arise because organizations fail to conduct a systematic strategic analysis as part of their strategic planning process. Instead, planners decide to plan only from what they know now. This makes the planning procedure much less strategic and a lot more deduction. Strategic analysis is the heart of the strategic planning process and should not be ignored.
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The Strategic Planning Process:
Strategic planning became an intentional process in which top executives occasionally would prepare the firm?s strategy, and then write it down the organization for accomplishment. The following is a flowchart model of Strategic planning process:
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The Strategic Planning Process = Mission > Objectives > Situation Analysis > Strategy Formulation > Implementation > Control
This procedure is most appropriate to strategic management at the business item level of the organization. For large corporations, strategy at the business level is more anxious with running a portfolio of businesses.
Strategic planning against business planning:
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01. Strategic planning: Strategic planning determines where an organization is going over the next year or more, how it?s going to get there and how it?ll know if it got there or not. The focus of a strategic plan is usually on the entire organization,
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Business planning: Though the center of attention of a business plan is usually on a particular product, service, or program
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02. Strategic planning: An organization?s strategic planners already know much of what will go into a strategic plan but, development of the strategic plan greatly helps to clarify the organization?s plans and ensure that key leaders are all ?on the same script?. Far more important than the strategic plan document, is the strategic planning process itself.
Business planning: An organization?s strategic planners already know much of what will go into a strategic plan too a business plan is about money. It outlines the strategies that the organization will use to move others to spend money donations contracts, memberships, and product sales. Successful nonprofits in the future need to determine how their own abilities will generate sufficient money.
03. Strategic planning: The Strategic plan guides mission fulfillment by articulating goals, action steps, and resources.
Business planning: In contrast, ?A business plan is typically focused on the actions and investment necessary to generate income from a specific program or service.
04. Strategic planning: The Strategic planning might start by articulating the organization?s vision and values and then action plans to achieve the vision while adhering to those values. Some planners prefer a particular approach to planning, like as grateful inquiry. Some plans are scoped to one year, many to three years, and some to five to ten years into the future. Some plans include only top-level in sequence and no action plans
Business planning: A business plan, by evaluation, shows how an organization will coordinate tasks to deliver on its goals and include great detail about time frames and roles, usually for a one year Period. It is equivalent to what many nonprofit capacity builders would identify as a ?work plan.
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05. Strategic planning: A strategic plan is a document that is primarily intended to be used internally by the organization, to guide itself. In some cases, in fact, in many cases the strategic plan is never seen by anyone outside the organization. It often contains information about organizational strategy that a company might not want in the hands of its competitors
Business planning: A business plan, on the other hand, is typically meant to be used to explain others. For example, if a company needs to draw investors, the investors will want to have assured in sequence about the company before they entrust to investing. They surely will want present financial in sequence, and they will want to know where the company expects to get revenues in the prospect, its market, and so on. A bank looking at giving a loan to an organization will want similar information.
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06. Strategic planning: Strategic planning is a high level process which deals with establishing the Vision and Mission of the organization, its Values, key Objectives and Focus Areas, and Key Performance Indicators. If this is done well, there will usually only be minor tinkering as the Plan is revisited and revised each year
Business planning: A business plan will have an operational plan for each function as well as the financials and will produce lower level objectives and action plans which tie back into the Strategic Plan. Specific Key Performance indicators will be developed for each functional area
At a quick look- Strategic planning against business planning:
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giant picture philosophy about the social and managerial prospect, and decisions about how to understand an organization?s mission with exact goals, objectives, strategies, and resources and involve stakeholders in the procedure in opposites Operationalization with the purpose to ensure financial success, guide performance, and ensure sustainability of the organization or venture as a vehicle for achieving larger goals
01. Strategic planning: Vision and Mission or desired future state and organizational purpose external and internal future may be articulated
Business planning: Definition of the venture ? identifying programs, products, operational activities and the impact
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02. Strategic planning: Goals, objectives, theory of change ? long-range outcomes, intermediate outcomes, and intentions for the impact these actions will have in advancing a desired future
Business planning: Staffing and management structure, roles and responsibilities ? including relevant experience, skills, and accomplishments
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03. Strategic planning: Program plans -action strategies that are likely to be effective and are well-suited for the organization to advance vision/mission
Business planning: Financial requirements initial capital, cash flow, restricted revenue, recordkeeping for different sources
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04. Strategic planning: Resource development ? policies, principles, and practices for generating revenue that are well-matched to the goals and values.
Business planning: Revenue projections ? break-even point, profitability, reinvestment or reserves
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Conclusion: my philosophy there is not one successful that doesn?t plan and work, strategic planning purely as a matter course. Surely it should be all over the organizations. The business plan is much more money driven. a strategic plan doing a lot more about the population, dream, and absolutely about how to bring in funds. But in the business plan, the market research is quite different and much more listening carefully on specific products, and exact services. It?s in some ways more general, in some ways more inclusive.
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About the Author
MHOHAMMAD WAHID ABDULLAH KHAN
S/O MOHAMMAD SAADULLAH KHAN
Dhaka, Bangladesh
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Mr. Mohammad Wahid Abdullah Khan is the Project director of ?Max Textiles Ltd?.Mr. Wahid has been in accounting field since 1999. Prior to that he had completed over ten (10) years in various fields of Business like ? Accounts, Finance, Internal & External Audit, project budgeting and project costing related positions in some of the largest group companies & the join venture companies in Bangladesh.
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He consults about small- medium business owners and services professionals, business consulting service and project process. He is most experience in Financial Risk Assessment, Financial analysis, Financial Advising and Project Cost Analysis. He has published more than 100 articles & case study in different international journals. Such as Business, finance, personal finance, international finance, auditing, Risk assessment topic and performance & industrial related,
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Mr. khan?s most popular articles is ??WAK? Model - The way of best solution for an organization internal audit process,( 1st,2nd,& 3rd part) ?WAK? Model- for successful financial resource , ?Wahid khan?- cost analysis, Wahid theory ? the key of dynamic series for successful financial consulting, Wahid techniques ? the Significance and dependability manner for Performance audit(1st,2nd,& 3rd part) Wahid?s Opinion - non-conformity among the performance audit and financial audit, Wahid?s view- The cogent task and the confront of financial/economic analysis in the modern business decision making , Wahid?s outlook- The Business Financial Analysis Should Be Included several required Documents with the analysis report or plan, WAHID?S JUDGMENT-difference strategic plan as opposed to an operational plan ,WAHID METHOD? the charismatic and fruitful guideline for financial investment decision making ,WAHID?S MEASURE - the influential and evaluated of similarity between profit & non- profit business planning
& PPBS Model, he has consulted with more than 25 service & product companies,? in recent years Mr. khan has been spending most of his professional time for financial consulting , Mr. Wahid is the owner of ?WAM? Associates and ?WAK? business solutions;
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Business Planning : How to Write a Business Plan
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Source: http://www.smallbusinessalmanac.net/planning-your-business/
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