How important is a strategic plan for business?

Everyone out there is to sell something to someone. That's called as business in business language.

In today's VUCA (volatile, uncertain, complex, ambiguous) world the sellers seem to outnumber the buyers. If yet not, then they will eventually do. Because, Everyone out there is to sell something to someone.

Naturally, it's important to answer a few questions before setting out to do business without bankruptcy.

How to do business with limited access to resources?

That's where comes the role of strategy.

In order to evolve strategy you need to probe into yourself as also into your business environment. It'll help you to do PEST and SWOT analysis as they say and do in business. PEST and SWOT you need to do both at personal as well as business level.

You need to know Where you want to go?
With what (offering) and how?

In order to do this adequately, you should've heard and read the VOC Voice-of-Customer.

Strategies derived earlier will help you to translate the VOC into delivery of the delightful offering to customer duly differentiated from competition and of course with cost leadership. Unless, of course, you want to drive volume leadership at calculated loss by design.

Now you need a daily control over the strategy to stay ahead of competition and stay successful sustainably.