What Is Strategic Planning

Strategic planning is to plan all the working aspects of a company, which includes managerial operations, fundraising, services etc. It guides organisation in decision-making process. It is more of a process of planning having a long-term effect in the working of a company.

Some of the features that a good strategic planning should have are vision statement, values statement, mission statement, goals and objective, tactics and strategies and an implementation plan. Mission statement clearly mentions the definite purpose of the organisation. Values statement comprises the certain norms and principles by which an organisation works. Vision statement is the future state desired by the organisation. It assumes the future more productive in terms of staff size and production profit. The desired growth in terms of the target market should also consider in the vision statement. Goals and objectives have a special position in strategic planning because of its importance of defining the future of organisation. Progress toward achieving goals and aims should be measurable. Strategies and tactics are the activities that needed essentially to achieve goals and objectives. Implementation plan is the organizational “user’s guide” to the strategic plan.

The success of a strategic plan depends on its flexibility of reshaping its programs and other sets of operations. Many people are confused with other modes of planning similar to strategic planning. Each has some similarities but the results in everyone of them are different. To put it simply, not every plan is a strategic plan. It provides guidance in choosing the right and exact decisions to fulfil the mission with maximum efficiency. The strategies used in the plan should be useful as well as effective to accomplish a specific goal with the steps taken and resources needed.

The more a company gives time in the beginning, the more lucrative position it will have in the future. Therefore, the basic idea about strategic planning is to create a clear picture of the future state of the business by making a definite plan. The main emphasis of a company to achieve a goal at the starting point and this plan when made by using different strategies is termed as strategic planning. For the advancement of the company, a definite goal is set for future accomplishment and to achieve this specific goal one has to do strategic planning. In this, modern time, business plans are shorter than before. Once you have sketched out your market, you have a profile to use for finding more people who match that sketch. It is said that a strategic planner acts as a back bone for a company or an organization as he is the one who is on the back foot and plays a vital role for shaping the overall structure of a company.