What is strategic planning?

Strategic planning is a tool that is useful for guiding day-to-day decisions and also for evaluating progress and changing approaches when moving forward.

  • Specifying the organization’s mission, vision and objectives.
  • Developing policies and plans which are designed to achieve these goals: projects and programs.
  • Allocate resources to implement the policies, plans, projects and programs.

Here are the top 5 benefits of strategic planning:

Strategic planning is important to an organization because it provides a sense of direction and outlines measurable goals.

  • It allows organizations to be proactive rather than reactive. …
  • It sets up a sense of direction. …
  • It increases operational efficiency. …
  • It helps to increase market share and profitability. …

What are the five steps in the strategic planning process?

The 5 Steps of the Strategic Planning Process

  • Determine your strategic position.
  • Prioritize your objectives.
  • Develop a strategic plan.
  • Execute and manage your plan.
  • Review and revise the plan.

What are the six major components of strategic planning?

The 6 vital elements to successful strategic planning for your organization.

  • Define your vision. …
  • Create your mission. …
  • Set your objectives. …
  • Develop your strategy. …
  • Outline your approach.
  • Get down to tactics.
  • It can make a business more durable.
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