Strategic Planning

Strategic planning is the process of making strategic decisions about allocation of resources to achieve that plan, and defining its strategic framework. The ultimate objective of strategic planning is to achieve specific strategic goals and objectives for the company. It also involves the identification and evaluation of potential competitors and the identification of the appropriate action to take against them to preserve and gain competitive advantage. Click here – What Is Strategic Planning? Strategic planning must be a strategic decision making process by which the actual allocation of resources takes place. One way to do this is through a vision statement. A vision statement is a statement or description of the end results desired for the organization. This will usually include detailed descriptions of the product, processes, and organizational and motivational objectives. A vision statement usually describes what the company is trying to achieve today as well as how it plans to achieve those ends. The actual process of strategic planning starts by developing a strategic plan, which is a written description of the company’s strategic objectives and goals. The strategic plan is reviewed periodically throughout the company, and is made available to management for understanding and approval. It also serves as a source document for measuring the progress of strategic planning, providing an extra degree of assurance to management when they review the strategy. A strategic plan can also be implemented by using internal and external resources such as finance, marketing, research and development, human resources, and consultants. The strategic plan helps to determine and define the methods for achieving the set objectives and is the basis for allocation of resources.