Strategic planning is the primary ingredient for success.
Business leaders are responsible for the strategic planning, in particular, establishing the strategic plan. The strategic plan is an instrument used to communicate with the individuals within the group regarding the business’ goals and objectives, the actions needed to be done to achieve specific goals and all of the critical components established during the planning process.
Basically, strategic planning is envisioning the desired future of the business, translating this vision into clearly defined goals or objectives, and formulating the steps to be done to achieve them.
There are several distinct frameworks and approaches for strategic planning and management. However, there is no absolute standard and rule in terms of the right framework.
1.Analysis or Assessment
Knowing and understanding the current internal and external scenarios and situations have to be considered in this component. Analyzing and assessing come first to know what aspect needs to be focused.
2.Formulating The Strategy
The Strategy is the formulation of the steps and actions that are supposed to be done. Developing a high level strategy and the documentation of the primary organization’s or group’s strategic plan are considered.
3. Performing the Strategy or Strategy in Action
In this component, the high level plans are going to be translated into actions and operations. The highlight is the shifting from strategic planning to operational planning. Plans are formulated not to let it stay as plans but have to be executed.
4. Evaluation or Sustainment (Management Phase)
Ongoing refinement and evaluating the performance belong in this part of the process. Other issues will more likely to occur, thus they have to be addressed. Another important item is the checking of how the implementing period goes along.
Success is highly probable when having a strategic plan in place. Strategic planning gives the business a guide to which direction the business is going. Having a focus and implementation of a solid strategic plan can lead to a progressive and profitable business.
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