Strategic planning is the process of setting goals, developing strategies and creating plans to achieve those goals. It is a systematic approach to defining an organization's direction and making decisions on allocating resources to pursue that direction.
Strategic planning is a process used by organizations to develop a plan for achieving their long-term goals. It involves analyzing the current situation, setting objectives, and creating a plan of action to achieve those objectives. The process is typically led by a senior executive or a team of executives, and involves input from all levels of the organization.
The first step in the strategic planning process is to analyze the current situation. This involves assessing the organization’s strengths and weaknesses, as well as its external environment. This analysis helps to identify opportunities and threats, and provides a basis for setting objectives.
The next step is to set objectives. These objectives should be specific, measurable, achievable, realistic, and time-bound. They should also be aligned with the organization’s mission and vision.
Once objectives have been set, the next step is to create a plan of action. This plan should include specific strategies and tactics for achieving the objectives. It should also include a timeline and budget for implementation.
Finally, the plan should be monitored and evaluated. This involves tracking progress and making adjustments as needed. It also involves assessing the effectiveness of the plan and making changes as necessary.
Strategic planning is an important process for any organization. It helps to ensure that the organization is focused on achieving its long-term goals. It also helps to ensure that resources are used efficiently and effectively.