Page 29 - GBC Spring 2020 ENG

Back in the 1970s, as a young boy, I remember going on several long road trip vacations with my mom, siblings and grandparents. We would travel in the family station wagon from our hometown of Saskatoon to places like Calgary, Vancouver and even Chicago (twice!).
My grandfather was bankrolling most of these trips and he would never book our accommodations in advance. He would just inevitably and inexplicably stop at what appeared to be the cheapest motel in the most remote little towns. The motels were never an ideal place to sleep and we never knew when or where we would be stopping.
My grandfather would also be the one to drive the entire distance. He would never pre-plan the driving route from A to B. He just drove in the direction he felt was correct, usually getting us lost in the process (remember no GPS!)
and we would backtrack for a few miles to the last turnoff or ask a local for directions. Once we complained that we had driven long enough, and we were starving we would eat at whatever greasy roadside restaurant happened to appear. As a result, we would waste money on terrible food that never satisfied anyone.
In the end, we would arrive at our destination, tired, hungry, angry, bitter and twisted. The point I am making here is that planning, in all walks of life, is crucial for being successful (and for not causing family dysfunction!).
THE IMPORTANCE OF STRATEGIC PLANNING
Whether you are planning to lose weight, get better grades in school, or for your business to become more profitable, it is essential that you understand two things:
1. Where are you going (goals, objectives)?
2 By what means are you going to accomplish this?
This brings us to the topic of strategic planning. A strategic plan identifies the steps, or strategies, that you will use to meet, if not exceed, your objectives. The strategic plan can focus on the entire business or specific areas of the business, such as human resources, operational efficiencies or integrated sales and marketing. As a result, businesses can have many strategic plans to address various areas of business.
However, some companies and entrepreneurs mistake strategic planning with business planning. There’s a lot of overlap between the two, but there are also some crucial differences you should understand.
A BUSINESS PLAN SETS YOUR COURSE
The business plan is a broader, more preliminary document that sets your course when your compa- ny may still be nothing more than a twinkle in your eye. If you were to sit down with a potential partner, investor or banker, this document contains the answers to the key questions they are bound to ask. It not only accurately summarizes what your business is all about, but why it’s a viable proposition. A complete business plan typically includes three key parts.
Course
Steps to a Successful Strategic Plan
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