The Basics of Strategic Planning

Strategic planning is the process of making strategic decisions about allocation of resources in order to achieve that strategic goal, and defining its methodology. The focus of strategic planning is to build a company’s ability to produce and market competitively profitable products and/or services, and to achieve long-term organizational goals. It involves both management and key employee(s) in the decision-making process, as well as external consultants. In order to achieve these strategic goals, strategic planning must be continuous, flexible, and inclusive. There are some particular areas of strategic planning that strategic planning should address. These areas are: Find Out –

The Definition of Strategic Planning Processes and Their Goals

Strategic planning also involves the identification of a vision for the company, along with a plan to achieve that vision. A vision is a statement of the purpose and goals of the organization, which can vary greatly depending on the nature of the business. A mission or vision statement lays down the overall strategic goals of the organization, which may include a description of the products and/or services it sells, the customer base it serves, its market position, and its potential for growth. In addition to having a vision for the organization, strategic planning must also have a strategy for attaining this vision, and a plan for achieving it.

Strategic planning also involves defining strengths and weaknesses within the organization. A firm’s strengths and weaknesses are its primary sources of strength and weakness. These weaknesses can be categorized as negative, neutral, positive, or strategic. A firm’s strengths are its ability to adapt to changing circumstances, its internal and external resources, its unique positions in the market, its commitment to quality, and its culture.