The development of any business requires a carefully thought-through strategic business plan. These strategies differ for every company, depending on their target market, the products they offer, and the format of the company. Today, virtual businesses are growing in popularity, and it is essential to know how to develop business strategies for such enterprises. This post will discuss the process of building a strategic business plan for a virtual business.
A strategic plan is a sub-type of a business plan, albeit with a few crucial differences. According to Brunings (2019), it is employed for instituting and managing the direction of an already established organization. It covers at least three years to ensure the company gains an advantage over the competitors and achieves revenue growth (Brunings, 2019). Meanwhile, a business plan is used to describe a new business seeking funding (Brunings, 2019). Overall, a strategic business plan provides direction for the future of the company.
A strategic business plan consists of several vital elements, with each helping to shape the organization’s direction. They include the vision, mission, long-term goals, short-term objectives, and the action plan that will be used to achieve the set targets (Vo, 2019). A company’s vision and mission are similar concepts that help define the current objectives of the business (Vo, 2019). The vision and mission serve as the foundation for the goals and objectives of the business and the action plan. All the elements of the strategy are interrelated and are required for successful strategy implementation.
Building a strategic business plan for a virtual company is the process of developing the defined components of the strategy. The strategic planning process beings with the situational analysis focused on evaluating the company’s external and internal environments (Business Gateway, 2018). Thus, a virtual company such as Copious must assess other competitors on the market offering the same products and services, the legal requirements for running an online business, and the economy in general. As an online gambling company, Copious should focus on providing the players with the best customer service. Considering this organizational identity, the outline for the strategic business plan is as follows:
- Vision: To be the best gambling company experience.
- Mission: To connect customers with like-minded gamblers.
- Goals and objectives: Grow the customer base and develop reliable software that prevents interruptions during the games.
- Action plan: Employ a team of software engineers to improve the business’s software system.
References
Brunings, J. (2019). What is the difference between a business plan and a strategic plan? OnStrategy. Web.
Business Gateway. (2018). Strategic planning: The basics. Web.
Vo, E. (2019). What are the key components of a strategic plan? Web.