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Strategy Planning For A Strategic Planning

Decent Essays
Strategy formulation is the first part of an organization’s strategic planning process. It involves multiple steps from environmental analysis, to measuring performance, to deciding on the best course of action for an organization. Strategy formulation also takes up most of the time in the strategic planning process since it’s crucial to get the plan right before actually implementing the plan. If you fail to plan, then you plan to fail. When working on a strategic plan, an organization needs to first define its vision and mission. The vision basically asks where the organization want to go, while the mission defines how it will get there. The organization’s vision and mission will help guide the strategy formulation team with coming up with goals and objectives that are appropriate for the organization. When forming a team for strategy planning, the organization should have buy-in from the executives or leaders of the organization. Without buy-in from the executives, other members of the team won’t be so supportive of strategy planning. It takes someone with influential decisions to convince everyone that strategy planning is a good thing for the organization. The team should be composed of executives to managers, to those who are on the floor level doing the actual work. This way there can be input from employees from various levels of the organization. Analyzing an organization’s environment identifies the elements that can affect the organization’s performance. The
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