Growing your business means taking many decisions about the way you want to expand your operations. Creating a strategic plan is a critical component of planning for growth. It will help you prepare a realistic vision for the future of your business and in doing so can maximize your business’ potential for growth. You cannot run a business without a strategic plan; it is like driving off without knowing where you are going. The strategic plan establishes the direction of a company. It may be a single page or an extensive document.