After completing the business plan, the business strategy looks at what the business needs to do to advance forward from where it currently is and what action steps and benchmarks need to be applied in order for the deliverables to take place.
The associated benefits of this are increased organisational effectiveness by having set specific objectives. When staff recognise the objectives outlined, they can more effectively use the organisations resources to meet them.
Strategic planning also provides a framework for evaluating alternative strategies. It forces the consideration of “what if?” scenarios. This prepares the organisation for future events and enhances the skills of the managerial team.
The business strategy involves discussions of all functional areas; these discussions provide the managerial team with a comprehensive overview of the organisation. This offers the managers an opportunity to broaden their viewpoint and grow with the organisation.