Strategic Planning and Business Success

In business, the ability to organize thoughts, ideas, insights, experiences, goals, expertise, memories, perceptions, and expectations into getting a specific action done in pursuit of a particular end is referred to as strategic planning. Strategy has been proven to be the element of several countries, states and organizations success thereby showing how important it is to in getting things done.

In modern business where technology and models are fast changing the way businesses operates with so many companies in several sectors striving so hard to be at the top, it is advisable that corporate management resort to strategic planning in other to ascertain a healthy survival and operation. Competing in an industry will not be possible if there isn’t proper strategy, the different between two firms in competition will be visible thanks to proper strategic planning.

Strategic planning comprises of the corporate, business, functional, and operational division of an organization.

Source

Process of Project Planning

Since this is important for the growth of an organization, certain processes are needed to achieve the right result. This processes includes;

• Proper monitoring, evaluation and dissemination of both the organizations internal and external environmental variable. External environmental variable includes opportunities and threats faced by the organization from outside the organization. Threats facing the organization by competitors as well as opportunities the company can major upon. Internal environment variable is the internal standing of the organization which includes the organizations strength and weaknesses.

• Formulation of plans after weighing the environmental variable looking at both the corporate strength weaknesses, threats and opportunities. This includes defining the corporate mission, objective, strategies and policies.

• Implementation of the strategies and policies as well as setting budgets for the strategic plans. Resources are allocated to the appropriate divisions in the organization on a daily basis.

• Evaluating as well as control of flaws in planning and activities in the organization. In order to get the desired result as well as know the places that needs improvements, evaluation is needed.

Source

Why a business needs Strategic planning

• Communication between employers and employees as well as motivation of employees
• Helps a company understand, have a clear vision and formulate strategies in other to attain goals and objectives
• Strengthening decision making in an organization
• Help organizations minimize competitive disadvantage
• Enabling organization to be updated to changes in the business internal and external environment

Conclusion

Strategic planning can be time consuming, money consuming as well as effort to get it done but in all it is important as increasing numbers of organizations are found in an industry. At such, an organization require strategic thinking so as to evolve and become strategically competitive with other organization. Strategic planning also keeps organizations focused on their mission, vision and objectives.