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.