Operational Business Plan Entry Level Loan Officer Cover Letter
You can think of a strategic plan as a written long-range plan, which is founded on an enduring corporate purpose, and including a set of corporate strategic objectives.
A corporate strategic plan includes brief statements of a handful of strategies indicating how to achieve the corporate strategic priorities.
Despite the clear distinctions we are making it is also important to understand that operational and strategic planning are interrelated and complementary decision processes, which must link to each other, inform and support one another for effective management of strategies.
Operational planning is the day-by-day, week-by-week, and month-by-month planning for a myriad of local and functional activities; strategic planning sets the overall direction of your organisation as a whole, its destiny if you will.
Operational or tactical planning involves a systematic determination and scheduling of the immediate or short-term activities required in achieving the objectives of strategic planning.
Clearly the time horizon of the decisions involved is a key difference between operational and strategic planning.
It is easy to see why academics and consultants need to expand the definition of corporate strategic planning in their books and assignments.Operational and strategic planning are distinguished primarily by the number, kind and time span of the decisions involved, as summarized in this table.If you see something that purports to be a strategic plan, and it has a list of 40 objectives for only one year with no overall corporate performance indicator to guide evaluation of the overall implementation of the plan you are not looking at a corporate strategic plan, and it is probably some kind of operational plan.Operational and tactical plans are more concrete and expressed in practical day-to-day terms.Operational plans might include written manufacturing capacity plans, inventory, and sales forecasts; and financial, human resource, and advertising budgets, for monthly or quarterly periods.
Strategic plans tend to be more general, and have longer time horizons than do operational plans.