What is a strategic plan in business?

A strategic plan in business serves as a comprehensive document that outlines an organization's long-term goals along with the specific steps and strategies to achieve these goals. This plan is essential for guiding decision-making and resource allocation within the organization, enabling it to navigate challenges and capitalize on opportunities in its environment.

Effectively, it acts as a roadmap, helping teams align their efforts and ensuring that all actions are directed toward achieving the organization's vision. This includes defining the mission, setting objectives, and identifying key performance indicators to measure progress.

While other options may relate to essential aspects of business operations, they do not capture the broader purpose of strategic planning, which is to provide a cohesive, long-term vision that integrates various facets of an organization’s function.