Simplified, Strategic planning is a process that examines:
Where is my business at today?
Where do I want it to be?
How does it get there?
The process of Strategic planning is examining and having an understanding of, what is going on both inside and outside the business. Knowing what resources and options are available for each part of the business and ensuring that the goals are set and the implementation process is realistic. A Strategic Plan must protect and create value for the company.
A Strategic Plan consists of a very small number of strategic decisions (3-5 goals), which when implemented, are intended to have a very substantial effect on the long term performance of the company.
There are those who believe that Strategy is determined by the most senior manager, I feel that a Strategy has the best chance of succeeding when input is received from all levels of the business and the management team are motivated to achieve the agreed upon short and long term goals of the business.
How do I go about developing a Strategic Plan??Stay tuned for an upcoming Blog Post.
Linda C. Prafke FCMC
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Source: http://www.womenentrepreneurs.sk.ca/blog/what-is-strategic-planning/
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