Strategic Planning

What are the various steps in strategic planning?

Typically, it is a 5-stage process which includes the following stages:

1. Plan your strategic position.
2. Prioritize your objectives and vision.
3. Develop a strategic plan.
4. Execute and manage your plan.
5. Review and revise the plan.

What are the types of strategic plans?

Corporate strategy: It is a long-term strategic plan to achieve the business wide goal by deciding which businesses should compete.

Business strategy:This is essentially the roadmap to drive your entire business to achieve its set goal by addressing how we should compete.

Functional strategy: This is adopted to achieve the objectives for individual departments in a business and the employees that work in it.

Is the strategic plan long term or short term?

Strategic plans encompass short, middle, and long-term goals. A short-term goal can be as short as one year and the long-term goal can stretch up to 5 years.

How do you write a strategic plan?

Start with planning your strategic position. Write down your objectives and plans that you wish to achieve. Conduct proper analysis, both internal and external, and identify any issues that arise. Develop the plan based on these and review the final plan.

What are the 4 components of strategic planning?

1. Vision.
2. Mission.
3. Goals.
4. Objectives.

Why is strategic planning important to managers?

It is important to managers as it gives them a sense of purpose and a clear direction as to where they will guide their team towards. It helps them set clear targets and train the employees in a certain way. It is an effective tool to understand the goals that each team must achieve in order to attain the company-wide goal.

What are the benefits of strategic planning?

• It breaks down the large company wide goals into achievable small day-to-day targets.
• It takes into account the amount of resources available and thus keeps track of them.
• It gives a sense of direction and purpose.
• It guides the employees to increase productivity.
• It enhances operational efficiency.