Planning for your business is extremely important. Often, this is called your strategic plan, which is the formalized road map that describes how your company executes the chosen strategy. A plan spells out where an organization is going over the few years and how it’s going to get there.
A strategic plan is a management tool that serves the purpose of helping an organization do a better job, because a plan focuses the energy, resources, and time of everyone in the organization in the same direction.
The plan also helps build your competitive advantage, communicates your strategy to staff, prioritizes your financial needs, provides focus and direction to move from plan to action.