Quick Answer: What Is The Meaning Of Strategic Planning?

Why is strategic planning attractive?

Strategic planning is important because it influences the attractiveness of the business to investors.

The attractiveness of the business to potential investors means the ability of the organization to access financial resources that it could use for its continued growth and development..

What are the 6 steps in the planning process?

The six steps are:Step 1 – Identifying problems and opportunities.Step 2 – Inventorying and forecasting conditions.Step 3 – Formulating alternative plans.Step 4 – Evaluating alternative plans.Step 5 – Comparing alternative plans.Step 6 – Selecting a plan.

How do you start a strategic planning process?

7 Steps to Kick-Start Your Strategic Planning ProcessIdentify your mission statement. … Create a vision of the future. … Develop core values and guiding principles. … Create long-term goals and smart objectives. … Establish an action roadmap with timelines. … Build a communication plan.More items…•

What is the main purpose of strategic planning?

The purpose of strategic planning is to set overall goals for your business and to develop a plan to achieve them. It involves stepping back from your day-to-day operations and asking where your business is headed and what its priorities should be.

What is the role of strategic planning?

A strategic plan provides management the roadmap to align the organization’s functional activities to achieve set goals. It guides management discussions and decision making in determining resource and budget requirements to accomplish set objectives — thus increasing operational efficiency.

How do you become strategic?

To be a strategic thinker, you need to:Be forward-thinking. “You anticipate and look for opportunities that arise,” Grubb said. … Seek input from others throughout the organization.Have a long-term focus. … Be hands-off. … Be willing to take risks. … Prioritize your time. … Be nimble. … Be a life-long learner.More items…•

What are the characteristics of a strategic leader?

10 Qualities of a Strategic LeaderArticulate. Strategic leaders must be able to communicate with clarity. … Thinkers. Strategic leaders think before acting or speaking and should control compulsive behaviors that might distract or hurt their team.Delegators. … Motivated. … Self-aware. … Compassionate. … Fair. … Open-minded.More items…•

What is the meaning of strategic?

English Language Learners Definition of strategic : of or relating to a general plan that is created to achieve a goal in war, politics, etc., usually over a long period of time. : useful or important in achieving a plan or strategy.

What are the 7 steps of the strategic management process?

Seven steps of a strategic planning processUnderstand the need for a strategic plan.Set goals.Develop assumptions or premises.Research different ways to achieve objectives.Choose your plan of action.Develop a supporting plan.Implement the strategic plan.

What are the 5 strategies?

They stand for Plan, Pattern, Position, Perspective and Ploy. These five components allow an organisation to implement a more effective strategy. A strategy is aimed at the future, concerns the long term and involves different facets of an organisation.

What is strategic planning and why is it important?

Strategic planning is important to an organization because it provides a sense of direction and outlines measurable goals. Strategic planning is a tool that is useful for guiding day-to-day decisions and also for evaluating progress and changing approaches when moving forward.

What are the 5 steps in strategic planning?

The 5 Steps of the Strategic Planning ProcessDetermine your strategic position.Prioritize your objectives.Develop a strategic plan.Execute and manage your plan.Review and revise the plan.

What is the meaning of strategic importance?

1 adj Strategic means relating to the most important, general aspects of something such as a military operation or political policy, especially when these are decided in advance. …the new strategic thinking which NATO leaders produced at the recent London summit…, The island is of strategic importance to France.

What is the strategic planning process?

Strategic planning is the process of documenting and establishing a direction of your small business—by assessing both where you are and where you’re going. The strategic plan gives you a place to record your mission, vision, and values, as well as your long-term goals and the action plans you’ll use to reach them.

What is strategic planning explain with examples?

As such, strategies are the broad action-oriented items that we implement to achieve the objectives. … Objectives include baseline performance, targeted performance, and an established date for achieving the objective. Any example of a strategic plan must include objectives, as they are the foundation for planning.