BDC provides guidance on writing strategic plans

The Business Development Bank of Canada (BDC) has issued guidance on how businesses can develop strategic plans. The initiative aims to help companies produce clear, understandable roadmaps that support growth and goal achievement.

Devesh Dwivedi, a Senior Business Advisor at BDC Advisory Services, emphasizes that strategic plans must be actionable and easy to comprehend. He suggests that plans should avoid being overly academic and instead focus on essential elements, ensuring every employee clearly understands the company's goals and necessary actions.

Dwivedi outlines a typical four-part process for strategic planning. The first section involves a current state analysis, detailing the company's present situation, including past achievements, products, markets, financial performance, and key performance indicators. This also encompasses an analysis of internal and external factors, such as organizational structure, SWOT analysis, and competition.

The second part focuses on the future state, defining the company's vision, mission, values, and long-term objectives. This section often results from interviews and workshops with management and key personnel. The plan should concentrate on identifying and prioritizing high-impact projects to ensure efficient resource allocation.