Many owners are in habit of preferring research reports instead of making strategic business plans. In this, dozens of pages are written about the market, competition, SWOT analysis, financial projections, etc. but the projections do not help in getting funds from the markets or attract any new businesses. They do not guarantee results. So is it of any use?Any incomplete plan is good for nothing. It must cover at least the major three area without which it will be of nil use. Or even the ultimate power will lead to lesser results.
The first thing it should contain is sound strategic foundation which sets vision and goals for the business. Secondly, it identifies the set of priorities that's helps to make strategic foundation a reality. Finally, all the elements are put together for action and accountability plan detailing what is to be done by whom and when to finish those set goals.Some impatient businessmen try to jump directly into strategic business plans or skip any of these elements in between. The result will definitely leads to ambiguous flow of plan in an unnatural way loosing all consistent strategic vision.
A strategic business plan holds a different prospective from a plan whose goal is to lift money from investors or lenders. For answers to investors you need to look into what are your opportunities and what is your management's ability to take benefit of those opportunities. You need to look into your sources to execute plans effectively. Also one need to consider facts that will persuade investors of your risks in which they are investing.So a business plan for investors is what able to take advantage of the opportunity in order to seek significant rewards for everyone involved. Business plan is what keeps all strategies on track. It should only be designed to help you achieve your numbers. Do only what you can achieve. Failures will only de-grade your reputation and goodwill in the market. Set targets that you can achieve and accept projects that you can complete. Passion is small gateway to reach targets of success but desperation will lead to losses.