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Many business plans lack strategies

By Barry Urquhart

Business owners and managers who have ensured that a business plan has been "reduced to writing" (a favourite legal term that I often utilise ) are to be applauded.

Too often, careful study and review of business plans reveal many stark deficiencies, not least of which include absences of situation analysis and logical, integrated and sustainable strategies.

In short, a significant percentage of "business plans" are in reality little more than wish lists, action plans and schedules of aspirations which lack structure, infrastructure, understanding and a capacity to respond to external forces.  The latter include economic and financial volatility, changes in government policies, emphases and priorities and the threat of direct, indirect and imposing retaliatory actions by competitors, substitutes and, yes, "pretenders to the Throne".  Everyone and everything today seems to represent possible threats which could result in leakages in sales, revenue, margins and profits.

Strategies and strategic plans can not and should not be formulated, documented and implemented in isolation or in a vacuum.  It is imperative that consideration be given to probable responses from all external entities, including the increasingly ubiquitous regulatory authorities, which tend to narrow options and opportunities.

Read Barry Urquhart's Biography here

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