The benefits of strategic planning for your business Share A common misconception is that strategic planning is only for large companies. But the reality is that most businesses can greatly benefit from the exercise. Whether it's buying a competitor, increasing your capital or aiming for higher growth, you need the right strategies, structure, plans and controls in place to optimize the return on your investment. A long-term plan simply increases your chances of success.
Simply put, strategic planning determines where an organization is going over the next year or more and how it's going to get there.
Typically, the process is organization-wide, or focused on a major function such as a division, department or other major function. The descriptions on this page assume that strategic planning is focused on the organization.
Different people often have different names for these major activities. Strategic planning benefits business plan might even conduct them in a different order.
Strategic planning often includes use of several key terms. Different people might use apply different definitions for these terms, as well.
Don't be concerned about finding the "perfect way" to conduct strategic planning. You'll soon notice that each writer seems to have their own particularly interpretation of the activities in strategic planning.
However, as you read the materials linked from the topic Strategic Planning in this library, you'll begin to notice some information that is common to most writers.
Read the basic description described below on this page. Then review the various materials linked from the library in the topic Strategic Planning. Once you start strategic planning, you'll soon find your own particular approach to carrying out the process.
One Way to Look at Strategic Planning One interpretation of the major activities in strategic planning activities is that it includes: Strategic Analysis This activity can include conducting some sort of scan, or review, of the organization's environment for example, of the political, social, economic and technical environment.
Planners carefully consider various driving forces in the environment, for example, increasing competition, changing demographics, etc. Planners also look at the various strengths, weaknesses, opportunities and threats an acronym for this activity is SWOT regarding the organization. Some people take this wide look around after they've identified or updated their mission statement, vision statement, values statement, etc.
These statements are briefly described below. Other people conduct the analysis before reviewing the statements. Note that in the past, organizations usually referred to the phrase "long-range planning".
More recently, planners use the phrase "strategic planning". This new phrase is meant to capture the strategic comprehensive, thoughtful, well-placed nature of this type of planning.
Setting Strategic Direction Planners carefully come to conclusions about what the organization must do as a result of the major issues and opportunities facing the organization. These conclusions include what overall accomplishments or strategic goals the organization should achieve, and the overall methods or strategies to achieve the accomplishments.
Goals should be designed and worded as much as possible to be specific, measurable, acceptable to those working to achieve the goals, realistic, timely, extending the capabilities of those working to achieve the goals, and rewarding to them, as well.
At some point in the strategic planning process sometimes in the activity of setting the strategic directionplanners usually identify or update what might be called the strategic "philosophy".The benefits that can accrue from strategic planning (but don't always due to poor planning or poor implementation, come in a range of shapes and colors.
The organization, workunits, managers, supervisors and employees can profit from having a good strategic planning process, and a good strategic plan available. What Are Some Benefits of Strategic Planning?
The benefits that can accrue from strategic planning (but don't always due to poor planning or poor implementation, come in a range of shapes and colors.
Welcome to The LEAD Plan More than simply a document, this new six-year commitment to ensure the strong future of The Citadel, serves as the college’s map that all members of the college community can follow to realize strategic growth and innovation during the next six years.
Strategic Planning. The benefits of strategic planning at the corporate level include - consensus on key issues and strategies to address them, commitment to, and capacity for, implementing the strategies. Definition. A strategic business plan is a written document that pairs the objectives of a company with the needs of the market place.
Although a strategic business plan contains similar elements. The Benefits of Strategic Planning A strategic plan is an organization's roadmap that leads to the future. There are many professionals who call strategic planning long-term planning.