WHAT IS A STRATEGIC PLAN?

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A strategic plan maps out where your company is heading, establishes targets, and outlines the approaches to be used in achieving the desired business results.  This should not be mistaken for a business plan.  Unlike a business plan, a strategic plan focuses more on the mid to long term goals as opposed to the early start up processes put into place in the initial stages of business.  Both are important but at different phases of the life cycle, while also considering varying speeds of growth.  Whether your plan is to achieve a greater market share or simply increase your revenue, a strategic plan will be key to realizing your goals.  

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"He who fails to plan is planning to fail" ~Winston Churchill

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WHY IS THIS IMPORTANT?

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It's important to update your strategic plan at least every 3 years so that it accounts for new technologies, changing industry trends and immerging competition.  Otherwise the plan you started with is no longer applicable to the current market rendering your old tactics obsolete or antiquated at best.