A strategic plan allows you to set objectives and daily actions to achieve them. It also serves to unify the efforts and collective expectations of the business. Within the business management scope, managers must focus on strategic direction.
Forming a strategic plan forces the executives to see planning from a macro perspective, pointing out the central objectives so that the daily actions approach the goals. It also maintains both the focus on the future and the present. It reinforces the principles acquired in the vision, mission, and strategies.
The strategic plan favors management and business coordination by unifying collective efforts and expectations and assigning priorities to the resource destination. While there are no absolute rules regarding the proper structure, most follow a similar pattern and have common attributes. Many frameworks cycle through some variation on some fundamental phases. 
Here are the phases that should be followed to develop a strategic plan for the success of your business.
Analysis or Assessment
Analysis or assessment is an understanding of the current internal and external environments. This understanding is developed to help formulate the strategic plan. It is necessary to analyze or assess data to manage the plan successfully.
Strategy Formulation
Once the analysis is complete, a high-level strategy is formed, and a basic business-level strategic plan is documented. This process stage is the most challenging because it must be detailed and accurate for the plan to succeed.
Strategy Execution
After the strategy is formulated and all involved agree the plan is solid, it must be executed. At this point, the strategic plan is translated into more operational planning and action items. If followed precisely, the plan should be completed, and adjustments should be made as needed.
Evaluation and Management
The evaluation and management phase will allow ongoing refinement and evaluation of performance, culture, communications, data reporting, and other strategic management issues. This stage of the strategic plan will be where adjustments can be made.
Benefits of a Strategic Plan
It allows companies, instead of being reactive, to be proactive.
Any strategic plan will give companies a clear vision to see their future and prepare themselves accordingly. A business can expect certain unfavorable situations before they happen and take obligatory precautions to avoid them through strategic planning.
With a firm strategic plan, companies can be enterprising rather than purely reacting to situations as they arise. Being proactive allows companies to keep up with the never-ending trends in the market and always hang on one step ahead of all the competition.
It puts up a proper direction.
A strategic plan always assists in explaining the direction in which the business should be traveling and helps set realistic goals and objectives that are in line with the mission and vision charted out for it. 
Every strategic plan gives an even more necessary foundation from which a business can evaluate its success, grow, compensate employees for establishing boundaries, and pay them for efficient decision-making.
It expands operational efficiency.
A strategic plan also provides a vision to align the functional activities of the business to achieve the goals set. It conducts management discussions and decisions in determining resource and cash requirements to acquire set goals — thus leading to increased operational efficiency.
It helps to increase profitability and market share.
Businesses can acquire precious insights into the ongoing market trends and consumer segments through a strategic plan. An approach that is aimed and well-planned to turn all sales and marketing efforts into the most excellent possible results can help to gain market share and profitability.
GCI Finance explains that making a strategic plan is not enough to write; they have to establish a series of mechanisms to track it and adapt to the changing reality.
Conclusion
A strategic plan contributes to creating and redefinition corporate values such as teamwork, quality in the service, commitment to the business, and innovation and creativity. There are many different frameworks and methodologies for strategic planning and management.
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