In the 21st century, a strategy plan may be preferable to a business plan. Today, businesses grow and evolve faster than ever while new tools make it easier than ever for anyone to start a business. Instead of a static business plan that is based more on what a Texas entrepreneur thinks will happen, a strategy plan can grow and evolve if and when circumstances warrant.
To create a strategy plan, a business owner needs to have a vision, have a way to articulate that vision and be good enough to execute it. Good strategy plans often make use of smaller goals or milestones as a means of achieving the overall mission. Furthermore, business owners should evaluate their plan as time goes on to make sure that there goals are reasonable and that they are being met.
Although a business plan may be a great tool to show investors and others that the venture is a serious entity, it may encourage stagnation. A strategy plan only works if goals are being met on a regular basis. This is because it can lose its purpose if none of the goals are met or if there is nothing being done to move toward those goals. Therefore, the strategy plan may be best for those who need incentive to grow and expand their startup.
During the business formation stage , a prospective entrepreneur may wish to talk to an attorney to discuss any legal issues that the new venture may encounter. For instance, the company may need to acquire licenses or permits to sell certain goods or need a patent to ensure that is intellectual property will be respected. Without such protections, some or all of the elements to a business or strategy plan may not work to the company’s benefit.