Question from a recent workshop: I have a written business development plan. Would you consider that to be the same as having a Strategic Plan?
Frank Lane: I believe the Strategic Plan and the Business Development Plan share the same goal; to assess the business vision mission and core values and transition them into opportunities for growth. I think Business Development focuses on taking the current niche and expanding through new products/services, building alliances, establishing partnering relationships..etc. Strategic growth expands this by adding “outside the box” thinking and addressing changing environments with growth strategies that may be outside the current niche areas. The two could overlap in many ways.
Thanks for a great question!