What is a strategic business plan?

A strategic business plan is a comprehensive outline of a company's goals and the strategy to achieve them. This type of plan serves as a roadmap for the organization, detailing not only the objectives it aims to reach but also the actions and resources needed to meet those objectives.

By addressing key areas such as market analysis, competitive landscape, operational plans, and financial projections, a strategic business plan helps align the efforts of the entire organization towards common goals. It is essential for guiding decision-making, allocating resources effectively, and measuring success over time.

Other options suggested do not capture the essence of a strategic business plan. A short description of business operations is too limited and lacks the depth necessary for strategic planning. A detailed employee handbook, while important for operational guidelines, is focused on policies rather than strategic direction. Lastly, a summary of last year's financial performance reflects past activities rather than a forward-looking plan for achieving future goals.