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What Is a Strategic Planning Process?

Strategic planning is the process of making strategic decisions concerning allocating resources to achieve this strategic plan, or strategy. It is used to identify opportunities as well as threats from external sources, develop methods for dealing with these issues, and plan for the future. This strategic planning also involves the development of plans and programs for allocation of resources. It can be described as a system of decision making involving the allocation and use of resources with a view to achieving a specific objective. Find Out –

How Small Businesses Can Benefit From Strategic Planning

The purpose of strategic planning is to build and maintain an efficient and competitive organizations that will meet the goals and objectives of the stakeholders. In order to build these efficient companies, it is important that the right strategy is implemented. The implementation process is a continuous one, in which ideas are exchanged between the concerned departments, and reviewed at regular intervals. It is necessary for strategic planning to take into consideration, changing priorities, cultural diversity, perceptions, values, and interests of various types of individuals involved in the organization. It is also necessary to consider issues such as finance, human resources, marketing, supply chain management, and research and development, among others.

Although many people are not aware of it, there are some people who actually make their living by planning, especially in large organizations. A strategic planning process helps managers to set realistic goals and milestones, as well as identify possible obstacles on the way. It is through this process that managers can learn about the relationships among their various disciplines and gain a better understanding of how each discipline interrelates with the other. Therefore, they are able to build a more efficient organizational structure, providing greater levels of productivity, quality, and profitability.