A Company 's Strategic Planning Process

Strategic planning can dictate the success of any organization if properly planned as well as the failure of an organization if not implemented as planned. Strategic planning is all about making choices. It is a process designed to support leaders in being intentional about their goals and methods. Simply stated, strategic planning is a management tool, and like any management tool, it is used for one purpose only—to help an organization do a better job. This portion of the strategic plan will explain why an

Strategic planning is used for an organization’s mission statement, goals and objectives. Strategic planning defines how the organization will meet these goals and objectives. The organization usually has a time frame of about 5-10 years to meet these objectives. These objective and goals are evidenced based to use those resources available. There are three questions that the book states that should be used when defining strategic planning and they are 1) where do we want to be? 2) where are we now? and 3) what’s the best way of getting from where we are to where we wat

When evaluating a strategic plan models, we should first consider the meaning of strategic planning. Strategic planning is when an organisation has a long term project, in between a year or two and this will involve the entire organisation workers to bring ideas together and look into each contributions before working on the plans, and this can be break down in three to four faces in other too be achievable and to meet the said target. Strategic planning can be done when an organization is just started. The strategic plan is usually part of an overall business plan, along with marketing, financial and operational or management plan.

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If you don 't know where your business is going, any road will get you there.

Strategic planning is defiantly a good management tool that is used for the purpose of helping the organization to do a better job. In reality being strategic means being clear about the organization 's objectives, being aware of the organization 's resources, and incorporating both into being consciously responsive to where the organization wants to go. At times strategic planning can be complex, challenging, and even messy, but in the end it is an ideal tool for managers to use in outlining the organizations future (Poister & Streib, 2005).

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According to Rev Esp Cardiol. 2012 the process of strategic planning the SP, process is divided into five stages e.g. defining the Mission, Vision and Values. Mission statement defines the overall purpose of the organization. The vision statement is a written statement that presents the future image of the HO after the transformation process. Values are the set of principles, rules and cultural aspects governing the HO and determining their institutional behavior. Strategy Formulation is the second phase of SP; it has five stages. First Stage: Analyzing the External Environment This analysis provides information on everything external to the organization that can influence it, but which the organization cannot change. The analysis of the environment focuses on four components, competitors, clients, providers and owners. These four dimensions are those that form what is called the “business sector” and provide a good picture of the environment in which it operates. Second Stage: Analyzing the Internal Environment. This analysis provides information on everything relevant that has occurred and occurs within the HO. It is accepted that the HO has the complete ability to act, transform and change its internal environment. This analysis focuses on four different aspects. Resources and The legal situation, other power groups within the HO and Analysis of clinical care, training and research activity, this is the part of the HO 's internal analysis with the

In the business world, strategic planning is an essential process for successful businesses, which helps to shape their future path. Unlike other planning methods, strategic planning is a long term planning process which can include a tree to five year look-ahead. Strategic planning is used to give all employees, including management, focus and direction, as well as the ability to keep an end goal in sight. This task, normally conducted on an annual basis, is given to senior management and can take several days to complete.

Further, Hunger and Wheelen (2011) noted that strategic management has been defined as the set of managerial decisions and actions for determining the long run future of the organization. Here, the set of decisions and actions includes internal and external environmental scanning, strategic formulation (strategic planning), strategy implementation, and evaluation & control at all three levels. However, it has learned that origin of business strategy or, strategic management discipline was started after the second word-war, around the year 1950.

Strategic planning process is very much important to an organization as it offers sense of direction and summarizes the goals of an organization. This planning guides daily decisions, evaluates progress and current market approaches for success of business. Its begins with defining organization mission like implementation of real time strategies, procedures and decisions with appropriate direction and clear vision. Company also gains favor in building a stage into strategic planning process which permits the evaluating the objectives and progress after certain span of time. In this process success factors are defined by customer and market but not by the company. The key success factors includes strategic market segmentation, reliable delivery, solid sales and support staff members, abundant services, minimized costs and operates lean, quick response customer needs, utilizing employee strategically, efficiency obtained from implementing new technologies, market activities, functions.

Definition: strategic management is the set of managerial decisions and actions that determines the long-run performance of an organization. It involves all the four functions of management. Strategic plans provide a common vision for the whole organization. The strategic management process is a series of steps that formulates the strategic planning, implementation and evaluation.

Strategic compensation is a component of successful strategic management in any competitive oriented organization. It refers to any payments made in cash or arranged benefits to an organizations employees. Unlike strategic decisions and plans which are undertaken by the top management, strategic compensation is a reserve of the human resource department. This is the department that deals with the deployment, training and payment of the labour force. The department undertakes all the necessary steps involved in coming up with the compensation plan and presents it to top management for approval and a go ahead(Larkinet al, 2012)..

The strategic is a long and tedious process and an organization needs to take the time to prepare to the time and effort necessary to complete the strategic planning process. During the preparation to plan stage organizations can look at past planning methods, what worked and what didn’t, and what methods are available that may be beneficial to the organization. Organizations during this stage will determine how much and resources will be needed and dedicated to the process. Not only will an organization need to determine the time and resources needed but they will need to determine who is going to be part of the strategic planning process, will they use internal and external facilitators, or stick to internally only, or use external facilitators for the planning process. Once an organization has properly prepared for the strategic planning process and the organization is ready to move forward to the next stage in the process.

Of the numerous decisions consummated during a lifetime, a handful will stand apart in rather dramatic fashion compared to more routine activities emblematic of everyday life. These outliers distinguish themselves with the hallmark of long-term repercussions emanating from miscalculation or misunderstood risk which routinely produces an assortment of financial peril. Such exceedingly prodigious decisions primarily categorize as strategic with their formulation amalgamations of art, science and a smattering of other intangible elements. Undoubtedly, they ought to warrant extraordinary care and thorough investigation going forward, including possible exit strategies. However, time and again, the human equation proves otherwise and omits that which seems so indispensable in the inexorable drive for an expeditious remedy. And although strategic decisions customarily associate with organizational entities such as the Department of Defense, the Fortune 500 and major research institutions, it would be erroneous to believe in the existence of some mutual exclusivity. In the chapters that follow, the writer presents a review of strategic processes promoting applicability to individuals while focusing on those rarefied decisions with illustrative examples demonstrating conceptual parallels with complex organizations they ordinarily associate.