The business concept must exploit the rationale behind the opportunity and reveal the expected benefits. Then ultimately the business concept is transferred over to the company departmental ownership. The departmental role is to build detailed business plan that will be approved and then implemented with the highest confidence levels.

Strategic planning takes place within every department of the company and various destinations and goals are targeted. The vision, mission and values are consistent over time, and reflect the top level directions of a company growing into the future. The regional, departmental and business plan strategies are aligned with these top level strategies and targets. Strategic business planning processes and approaches may vary between companies, as to how they intend to reach their destinations. The successful company’s strategic planning formulation is very clear and illustrates how the company is going to reach its destination.

A strategic plan is a plan that outlines in greatest detail the pathway of how the company is going to get to where it wants to be.

Formulating and building business strategies can be processed according to the following proposed guidelines:

1. Understand where we currently are at
2. Evaluate growth concepts
3. What is the current business model focus?
4. Competences and capabilities
5. Targets and objectives.
6. Destination and future positioning.
7. How can we get there?
8. Build business/master plan
9. How to submit the change to the organization?
10. Measure and monitor performances

Companies do not get to where they want to be without formulating and building strategic plans. The objective is to understand the complexities of the change, as well as the company’s future position if it successfully executes and implements the strategic plan.