Definition

Business strategy
A long term (3 to 5 year) description of how to achieve a future vision
Business plan
A one-year plan of how to progress the strategy in the current year
Business planning
An annual process that establishes or updates the business strategy and creates the coming
years business plan
Target
A specific measurement that the strategy aims to achieve. There can be several targets in a
strategy.
Baseline
A measurement which future results will be compared with. For example a baseline measure
of 1200 students today might be compared with a target increase in students of 300 in three
years time.
Initiative
A practical exercise, activity or project that will contribute to achieving one or more of the
targets in the strategy.

Identify
Stakeholders
Creating a strategy
Agree vision and
long term objectives
with stakeholders

Brainstorm and rank

ideas that should
achieve the
objectives

Agree the right

Work out the cost of
management model
the management Strategy
to deliver the best
model Document
ideas Set targets for
(The vision for Review with
revenue, cost and
the TTC and how stakeholders
Estimate the performance to achieve it.)
benefits, time & cost
to deliver the ideas Annual
& prioritise Business Plan
(what will be
done this year
Approve at
and what the governance
result will be) committee