The term strategic planning refers to a coordinated and systematic process for developing a plan for the overall direction of your endeavor for the purpose of optimizing future potential. For a profit-making business, this process involves many questions.
Yes, a strategic plan answers the question why while a business plan is a blueprint for how. It is a big-picture, forward-thinking approach to a company’s reason for being.
Strategic planning offers a process for moving from the general long-range (10-to-20-year) goals and objectives of a comprehensive plan to more specific short-term initiatives and actions. Strategic planning focuses on a few priority issues and deals with the organization’s social and economic issues, as well as its physical development (something typically emphasized in comprehensive plans).…
Read more
A successful planning process should: Involve key and diverse stakeholders in the organization Develop ownership of the future vision and the action plan, and a sense of community among stakeholders Produce results that support the organization’s expected “drivers” of change Develop the strategic thinking of the participants in the process Lead to an institutionalized strategic…
Read more