Discuss the Significance of Strategic Planning

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Discuss the significance of Strategic Planning to organizations
Introduction
In discussing the significance of Strategic Planning it is important to clarify the process, though complex, in a definable manner.
(i) “The GUIDING MEMBERS of an organization ENVISION its future and develop the necessary PROCEDURES and OPERATIONS to achieve that future. The strategic plan sets the stage for creating the marketing plan and the financial plan. The risk analysis section of the strategic plan includes the development of a succession plan”1
(ii) A dynamic and stated force which helps drive an organization forward by coordinating and channeling resources towards achievement of pre-determined goals
Significance in a business context will
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“Without a Strategic Plan, an organization is like a ship without a rudder. Strategic planning provides direction, purpose and planning which can yield great people and financial benefits for any business.
Businesses that plan ahead are much more likely to become what they want to become than those who do not plan at all. A good manager ...plans and controls the plans, while a bad manager never plans and then tries to control people." 2

The significance to organizations can thus lead to `significant improvement in sales , profitability and productivity compared to organizations without such planning …firms with planning systems more closely resembling strategic –management planning theory generally exhibit superior long
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