Importance of Strategic Planning

1. Importance of Strategic Planning Strategic planning is a process in an organizational culture in which a strategy is defined or a direction is set and then business decisions are taken for allocation of the business resources and assets in order to pursue the defined strategy. Strategic Planning comprises of two words, i.e. strategy and planning. 

2. Systematic Proven Business Tool Strategic Planning is a traditional means used over a long span of time by the business leaders and managers to create milestones and give business new heights. This is a very systematic organizational blueprint consisting of step-by-step activities to be undertaken by the team to achieve their long term business goals. 

3. Missing Opportunities With the help of a finely created business strategy plan, one can take an advantage of one of the premium opportunities arising all of a sudden or in the near future out of external environmental factors.

4. Focus on problem solving • With strategic planning process one takes into account a long term view of the business operations and its model. There can be some consistent minor problems that prevent the business from achieving its highest efficiency and thereby stopping from maximizing the organizational success which can be solved by strategic planning process

5. Enables creating a fine and clear strategy • Clear strategic plans not only benefit the business or its shareholders, but the stakeholders at large. With a clear business strategy the employees and managers get a clear idea about their roles, targets and performances. 

6. Proactive business tool • With a systematic and clear strategic plan the managers are not only able to attend to the current business conditions and situations, but also address future activities based on the upcoming industry scenarios and factors. 

7. Appropriate allocation of resources • Systematic planning, directed activities and properly thought upon business decisions, not only help the business to allocate its resources in an efficient way but also enable it to judiciously make use of its assets with the motive to maximize its output and minimize its wastage. 

8. Measurable means of business performance • Strategic planning as read above is a step-by-step plan of the long term vision of the business which means it is broken down into smaller and more easily achievable missions or business goals over a short span of time. This enables to measure the performance of the business over the series of these short term business targets.

9. Flexible yet disciplined means • Though this is a measurable tool in case of any variation in the targeted business goal a strategic plan will enable to take a changed business move in order to achieve same long term business goal may be with a different set of actions.

10. Simplified yet motivating • The strategic plan is based on the concept of simplifying the complex goal into fragments of simple and understandable sections of smaller targets. This helps to understand the complex whole picture in an easier way by breaking down into sections. 

11. A competitive edge over rivals • When a business leader has a plan which is systematically made to cover his long term vision and is finely crafted in sections to elaborate its small, thoughtful goals, he has better and higher chances of extracting from the upcoming opportunities and fighting back the threats or converting them to their advantage.

12. Enables Follow-up and change implementation • The strategic planning process is based on goals which are nothing but just the small pie’s in a big cake which are achieved over a span of time to form that Big chocolate cake. For example the wider vision is to capture the national market over the span of the next 20 year. 

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