Performance management is about planning, doing, checking and acting. In other words, it involves formulating a plan of activities, establishing a set of objectives, setting key performance indicators (KPIs) to measure performance, and appraising actual performance. Therefore, managers direct the discussion towards key concepts such as objectives, goals, KPIs, desired state of evolution and outcomes. The ultimate goal is to help organizations reach top performance at different organizational levels.
The reasons for initiating strategic planning can vary from one organization to another, but its positive outcomes are generally the same. Strategic planning supports the clarification of the desired state of evolution and provides the framework for future projects, for improving performance and aligning employees efforts to strategy. The end result is that all these elements will enable the organization to provide better value for money for its customers or citizens.
The rise of social media and social networking brought about many changes in the way business is done nowadays, and it has definitely helped entrepreneurs grow their business. Among these changes, a noteworthy emerging phenomenon is crowdfunding.
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.
Strategic planning is the process through which an organization defines what it wants to become and how should this desired state be achieved. Based on the Bain & Company study – “Management Tools & Trends 2013”, about 45% of the respondents conduct strategic planning in their organizations, and their satisfaction with this tool is at 3.9, on a scale from 1 to 5 (5 is the highest level).
