Every organization has a goal. To achieve the organizational goal, management persons must have to do strategic planning. An organizational goal will remain a goal unless it is achieved. There is a strong point why some organizations are successful and some are not, the answer lies on strategic planning.
Strategic planning is the process of defining objective of organization and developing strategies to achieve a particular goal or set of goal. Strategic planning will achieve success in a broader field. It is very different from tactical planning which focuses more on individual detailed tactics of activities.
Strategic planning is more desirable than other strategy. It helps in creating more results in the future through influencing the external world and also adapting current actions and programs to achieve a more result in the outside. With the help of strategic planning organizations can acquire the desired objectives. There are some reasons why most top level management is doing strategic planning for their organizations. Strategic planning gives clear picture of the organization’s core competencies and resources. It can be made by only top level management to acquire the capability in providing competitive advantage that is sustainable within the organization.
- Situation - where it has been thoroughly evaluated.
- Target - where goal and objectives are defined.
- Path of goal - where the routes of goals and objectives are properly mapped.
Strategic planning is a creative and logical step. It gives the clear picture of the objective whether it is achievable or not. It evaluates all feasibility in SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis. It creates action programs for creating a more attractive strategy for organization. It gives a more specific direction in areas like marketing strategy, HR strategy, IT strategy and financial strategy to achieve organizational goals.
To better understand the business strategy, this website has gathered some of the finest books.