What is Strategic Planning?
Strategic planning is a management process undertaken by businesses in order to arrange and order your priorities. Strategic planning is essential in establishing your business’ objectives, making sure your staff are working towards these objectives, whilst also ensuring that energy and resources are being focussed in the right places. With strategic planning you are able to shape the direction your business will take, identify the areas that require focus in order to reach this objectives, and ultimately track the progress of your business.
By creating this document, your company’s goals and objectives can be easily communicated within your business among its staff, clearly showing the direction the business is going to take. In order to create your business strategy, you must first answer the questions why does your business exist? and what is your business’ target? before then establishing what stage your business is currently at.
What are the steps in Strategic Planning?
Most methodologies for strategic planning follow the same basic framework:
- Appraisal and understanding of the business’ current position and the environment in which it works
- Establishing of the strategy – this is where the business strategy is determined and a simple plan is developed
- Goal setting - identifying key aims and objectives for the business
- At this stage the strategy plan is put into practical terms and carried out
- Assessment of performance based on the strategic plan
Ultimately, strategic planning will allow you to identify the key goals and objectives for your business, giving you the opportunity to share these goals among your staff and ensure that everyone is working together towards a common target.
Thus, you will be able to focus the energies of your workforce in specific areas, with these targets in mind. By following this method, you will be able to create an actionable blueprint for your business for the coming years.
To learn more about strategic planning, visit:
• Strategic Planning Basics
• Five Steps to a Strategic Plan
• Strategy and Strategic Planning Process Explained
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