Strategic Planning : A Strategic Plan

1315 Words Oct 26th, 2016 6 Pages
Business Strategic Planning Strategic planning is management action that is used to set priorities, strengthen operations, ensure that employees and other stake holder are working toward a common goal. Effective strategic planning expresses not only where a business is going, actions needed to make progress, but shows if the business will be successful. So a strategic plan is used to communicate with the organization the organizational goals. There are several step in a strategic planning process. This process can take anywhere from an hour up to a 1-2-day strategy retreat by management, owner or a team. First, where is the company now? This takes a look at the major drives of the strategic planning. This includes things that is happening now or things that might happen. It will also allow the business to get clear on problems challenges and danger that they might be facing, when it comes to finances, valuable resources, capabilities, and competitive weakness (Bethel University, 2011). Narrow down the one(s) that will create the most impact. Second, the company’s vision. The need for strategic thinking is driven by problems and challenges. Strategy process is driven by the vision. There has to be a vision, or nothing happens. The more powerful and imaginative of the strategy depends on how clear the vision is. Revenue goals, market share goals, values, culture and purpose must be included in the vision. Reviewing the mission, vision, and values every year will ensure the…
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