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Strategic Planning

In simple words, a strategy is an elaborate and systematic plan of action. In an organization, the process of strategic planning is focused on a major division or function. It sheds light on the projection of how the organization plans to achieve its goals and objectives.  Strategic planning involves several steps and activities. Different organizations have their own approaches to formulating a strategic planning process. The process includes many terms, also used differently in different divisions. However, there are some activities and terms that are common to most organizations.

The most common activities carried out in the process of strategic planning are -

  1. Analysis
  2. Before creating a strategy, a review or a scan of the environment is done. The review is simply a research note on the available resources, both technical and manpower. Most of the strategies are also based on the available financial resources. The most preferred method of achieving this is through SWOT analysis. SWOT includes the strengths, weakness, opportunities and threats of an organization.

  3. Direction
  4. Strategies need to head toward a line of direction. An organized direction will help the strategy in accomplishing its goals successfully. Goals are designed to carry out the aims of the organization. A comprehensive mission statement is easy to measure and extends the capabilities of the people working toward the goals.

  5. Action
  6. When various steps are included in a strategy, there has to be proper alignment or the process will not serve any purpose for the organization. Setting the objectives is important, but carrying out the tasks in more crucial. The work plan has to be understandable and kept in regular check to ensure that the outcomes of the plan match that of the expectations set by the top management.

     

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