Strategic and Operational Planning – The key components of your business

By | February 26, 2017
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With so many different business responsibilities your attention is likely to split in so many directions that you may not even recognise that you are only focusing at one approach to your business. However, it is very important that you should be looking at both the strategic and the operational areas of your business. This article may help you understand the importance of strategic and operational business planning to handle various things in order to accomplish your goals and objectives.

Defining strategic business planning in simple terms

First of all it is very important to make sure that you understand what each of these approaches mean. Strategic business planning refers to the strategy that defines how your business needs to operate properly now and in the future. Strategic planning is also important to figure out and understand why your business needs certain things. This approach allows the identification of objectives and how the attain these objectives which also provides an effective means of attracting new capital to finance.

Defining operational business planning in simple terms

Operational planning in general terms means to operate or implement processes that have planned in the strategic business planning phase. Once the strategic planning phase is completed, an operating plan for the upcoming year must be prepared. An operating plan is a to-do-list of events and responsibilities that details the actions to be taken in order to accomplish the goals and objectives laid out in the strategic plan.

How does the strategic and operational approach actually work within your business?

The strategic planning approach answers the questions “why” related to all aspects of your business.  This planning approach will help you, your employees, and your customers to understand why your company is in operation, why your company offers what they do and why certain things are handled in the way they are. The strategic planning approach also frames the future of your business. By defining these strategies you can map out your expectations from your business in the coming months, coming year and next five years.

The operational planning ensures that everyone knows and understands the following aspects of your business

Things that needs to get done as laid out in the strategic plan
Coordination of efforts to achieve goals
Close tracking of implementation progress.

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