Strategic Plan
Strategic plan is the determination of basic long-term goals and targets of a business and the adoption of a series of actions for the specification of all the necessary measures and tools for the achievement of these goals.
There are various benefits from the creation of a strategic plan (i.e. examination of alternative business plans, creation of tools for tuckling problems, economical management for investments) but the main action is the acquisition of a long-term competing advantage of a business against other businesses who do not apply any strategic plan.
This strategic sets guidelines, shapes decisions and coordinates activities forming a useful and successful tool for business administration.