Introduction to Strategic Planning
- Topics:
- Strategy Formulation
- Source:
- Business Development Index
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Overview: Strategic planning is to a business what a map is to a road rally driver. It is a tool that defines the routes that when taken will lead to the most likely probability of getting from where the business is to where the owners or stakeholders want it to go. It meets detours and obstacles that call for adapting and adjusting as the plan is implemented. It is a process that brings to life the mission and vision of the enterprise. The benefit of the discipline that develops from the process of strategic planning leads to improved communication. It facilitates effective decision-making, better selection of tactical options and leads to a higher probability of achieving the owners’ or stakeholders’ goals and objectives. There are a number of important steps to remember in the process of strategic planning. They include collecting a meaningful and broad data base, creatively thinking about differentiation, defining gaps, assessing core competencies, and understanding the identifying critical resources and skills.
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Format: PDF | Size: 76KB | Date: Jan 2002 | Pages: 3
