What is strategic planning?
Strategic planning is the process of defining the future directions of an entity (organization, department, individual etc.), what it wants to achieve and how it will attain its goals. The strategic plan generated during this process will provide a framework for allocating resources and decision making.
To ensure a sound strategy, strategic planning should take place step by step:
- Clarify the organization’s current state
- Analyze the external environment
- Create the organizational identity: Mission, Vision and Corporate Values
- Develop strategic themes
- Set objectives
- Allocate KPIs for each objective
- Find initiatives
- Review strategic plan
Planning is important because it represent the basis for strategy execution, a good plan can facilitate the implementation of strategic initiatives.
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