Entrepreneurs and business managers are often so preoccupied with immediate issues that they lose sight of their ultimate objectives. That's why a business review and preparation of a Strategic Plan is a necessity. This may not be a recipe for success, but without it a business is much more likely to fail.
A Strategic Plan should not be confused with a business plan. The Strategic Plan is likely to be a (very) short document whereas a business plan is usually a much more substantial and detailed document. A strategic plan provides the foundation and frame work for the annual business plan.
A Strategic Plan should be visionary, conceptual and directional in contrast to a business plan which is likely to be shorter term, tactical, focused, implementable and measurable
