Strategic Plan For Business

Strategic Plan For Business-44
These values may be captured in an organization's vision and mission statements.Strategic planning activities include meetings and other communication among the organization's leaders and personnel to develop a common understanding regarding the competitive environment and what the organization's response to that environment (its strategy) should be.However, strategic planning is analytical in nature (i.e., it involves "finding the dots"); strategy formation itself involves synthesis (i.e., "connecting the dots") via strategic thinking.

These values may be captured in an organization's vision and mission statements.Strategic planning activities include meetings and other communication among the organization's leaders and personnel to develop a common understanding regarding the competitive environment and what the organization's response to that environment (its strategy) should be.

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A strategy describes how the ends (goals) will be achieved by the means (resources).

The senior leadership of an organization is generally tasked with determining strategy.

This article was co-authored by our trained team of editors and researchers who validated it for accuracy and comprehensiveness.

Together, they cited information from 38 references.

How close they are to the strategic goals and vision will determine the success or failure of the strategic plan.

There will also arise unintended Outcomes, which need to be attended to and understood for strategy development and execution to be a true learning process.The end result is the organization's strategy, including a diagnosis of the environment and competitive situation, a guiding policy on what the organization intends to accomplish, and key initiatives or action plans for achieving the guiding policy.These elements are considered throughout the strategic planning process.Data is gathered from a variety of sources, such as interviews with key executives, review of publicly available documents on the competition or market, primary research (e.g., visiting or observing competitor places of business or comparing prices), industry studies, etc.This may be part of a competitive intelligence program.The organization may use a variety of methods of measuring and monitoring progress towards the strategic objectives and measures established, such as a balanced scorecard or strategy map.Companies may also plan their financial statements (i.e., balance sheets, income statements, and cash flows) for several years when developing their strategic plan, as part of the goal-setting activity.A variety of strategic planning tools (described in the section below) may be completed as part of strategic planning activities.The organization's leaders may have a series of questions they want to be answered in formulating the strategy and gathering inputs, such as: The output of strategic planning includes documentation and communication describing the organization's strategy and how it should be implemented, sometimes referred to as the strategic plan.Strategy can be planned (intended) or can be observed as a pattern of activity (emergent) as the organization adapts to its environment or competes.Strategy includes processes of formulation and implementation; strategic planning helps coordinate both.

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