When we talk about the business plan and business plan presentation let me tell you that there is full aspect of it.

The first aspect when the presenter comes and about the business. basically the executive summary of the business in nutshell the presented Ellis's that what is the great business idea right what is going to be the startup cost who are the people behind this idea who are going to be the primary investors so on and so forth .

Second aspect of the business plan and business plan presentation is this pathetic aspect of business which we are going to cover in the second topic.

The third aspect is the marketing aspect of the business which we'll be covering in later on in the topics and finally the students conclude their business plan and business plan presentation with the financial aspect of the business.

So let's talk about the strategic aspect of the business in your business plan which is going to be the routine document and in your business plan presentation you will be talking about the strategic aspect of the business.

Well needless to mention the term strategy has a military origin you will never would like to fight a war when your enemy wants to when they are at their best of the resources but you know it is said that everything is fair in war and business.

I have just manipulated the statement so as you know the modern day business is like a war so in one day business unless you are strategically prepared for the business the chances of success will always be rounded so in this particular chapter when I say strategic aspect of the business then we are going to talk about the strategy in greater detail before I forget.

let me tell you that in your MBA program you will be doing a capstone course called strategic management in that you will be studying about the strategy in greater detail, but I will be restricting most of my discussion in this second sector so it is going to be in nutshell it is going to be brief but let me assure you that it is going to cover the all finer points of strategic management.

Remember that a proper strategic management is very crucial to build a successful business. Our strategic management involves developing a game plan to guide the company as it strives to accomplish its mission, its vision, its goals, objectives and to keep it on the desired course.

The strategic planning is really important and the study of 500 small companies suggests that one of the most significant factors in distinguishing growing companies from those in decline is use of a written business plan which incorporates this fantastic aspect of business and secondly I mean the study suggests that only 12% of the small companies had a long term plan in writing so they did not have proper strategic planning or strategic management in place.

By having strategic management process in place, you will be using or you will be identifying your core competencies core competencies are nothing but your USP or something but your competitors do not have so your unique set of capabilities which accompany develops in key areas such as superior quality customer service innovation team building flexibility responsiveness and others that allow it to world past competitors there.

What a country does best and best on to rely on the natural advantage often linked to a company's smallness.

I am going to explain you the strategic management process. There are basically nine steps in that and then just to explain it further.

There are total nine steps in statistic management program ,the first step in the strategic management process is in developing a vision and translate it into a mission statement when I say our vision statement remember .

Vision statement is normally of one Rider the best vision statement which I came across is of an American eye hospital which just says that our vision is to take care of your vision that one of the best vision statement I came across well I just take an example of Amazon I guess all of you are aware of this company which is one leader in online retailing anything you want you can order online and Amazon would be supplying it to you well.

Vision Vs Mission

The vision and the mission statement of your companies or the vision and mission statement of various existing companies and will find that some of the vision and the mission statements are very badly prepared , so in this let me just tell you that if you are incorporating the vision and the mission statement of your business .

Make sure that you do it right so remember vision statement is just one line and it should tell what you are planning to do or what is the primary business of yours whereas the mission statement is a pretty long statement which must contain nine components and the nine components are customers product or services markets technology concern for survival profitability and growth sixth component is philosophy of business seventh component is self-concept eight is concerned for public image and the ninth component is concerned for employees remember .