The Role Of Strategic Planning
The Role of Strategic Planning
“Failing to plan is planning to fail”. This often-heard quote from Alan Lakein, the popular author on time management, is a reminder that many of the day-to-day operational struggles we face in organizational life had their seeds sown in the past, when we failed to think ahead.
Every organization wants to survive and grow in a constantly changing and competitive environment. To do so, it must respond and adjust to the social, economic and political environmental changes that occur.
In today’s highly competitive business environment, budget-oriented planning or forecast-based planning methods are insufficient for a large corporation to survive and prosper. The firm must engage in strategic planning that clearly defines objectives and assesses both the internal and external situation to formulate strategy, implement the strategy, evaluate the progress and make adjustments as necessary to stay on track.
Strategic planning is a backbone support to strategic management and it is a major process in the conduct of strategic management. Almost fifty years strategic planning has become a standard part of management thinking and practice in the business world and more than twenty five years it has become the standard practice of large numbers of public and non-profit organization. The first and perhaps most obvious benefit of strategic planning is the promotion of strategic thinking, acting, and learning.
Among the most useful tools for strategic planning is SWOT analysis internal and external of the organization.
In essence, the purpose of strategic planning is to create and/or to enhance the value or the success of a company or an organization (however that value or success might be defined by those involved). Granted, this purpose is also served by a myriad of day to day activities conducted by organizations, but strategic planning is the fundamental underpinning of everything. In that respect, it is the starting point.
Strategic
“Failing to plan is planning to fail”. This often-heard quote from Alan Lakein, the popular author on time management, is a reminder that many of the day-to-day operational struggles we face in organizational life had their seeds sown in the past, when we failed to think ahead.
Every organization wants to survive and grow in a constantly changing and competitive environment. To do so, it must respond and adjust to the social, economic and political environmental changes that occur.
In today’s highly competitive business environment, budget-oriented planning or forecast-based planning methods are insufficient for a large corporation to survive and prosper. The firm must engage in strategic planning that clearly defines objectives and assesses both the internal and external situation to formulate strategy, implement the strategy, evaluate the progress and make adjustments as necessary to stay on track.
Strategic planning is a backbone support to strategic management and it is a major process in the conduct of strategic management. Almost fifty years strategic planning has become a standard part of management thinking and practice in the business world and more than twenty five years it has become the standard practice of large numbers of public and non-profit organization. The first and perhaps most obvious benefit of strategic planning is the promotion of strategic thinking, acting, and learning.
Among the most useful tools for strategic planning is SWOT analysis internal and external of the organization.
In essence, the purpose of strategic planning is to create and/or to enhance the value or the success of a company or an organization (however that value or success might be defined by those involved). Granted, this purpose is also served by a myriad of day to day activities conducted by organizations, but strategic planning is the fundamental underpinning of everything. In that respect, it is the starting point.
Strategic