Strategic planning activities

Strategic planning is the process whereby a firm, assisted by the administrator, formulates its immediate and long-term goals and methods for achieving these objectives. Strategic Planning contains various major activities or steps in the process. Different organizations define with different names for the strategic planning activities. The order of conducting strategic planning might be different in order, but the objective will be same. Strategic planning guide will be prepared by a strategic planning expert to remove the hassles in the process.Startegic planning guide is a roadmap design to help individuals, organizations, small businesses to develop a long-term vision and it serves as a framework for establishing goals. Strategic planning guide provides an initial step towards reaching the strategic planning point.

Strategic Planning is a vision of an organization of how to take cautions as per the changes happen in the market a strategic plan is consists of below interrelated components:

The Vision Statement.

The Mission Statement.

The Values Statement.

The Assessment Statement.

The Goals/Objectives Statement.

The Strategy Statement.

The Outcomes Statement

One of the basic approaches to strategic planning is a critical analysis of the earlier achievements by the management of the business in relation to its current performance. The current status, objectives and strategies act as a sign for the future strategic business planning. Strategic planning changes with the changing trends of the business environment. So the future strategic plan should design for the medium-term, i.e. for three or four years. Each formulates strategic objective is supported by a considered objective that is generally very short-term and specific objectives. The base of a sound strategic plan depends on the periodic review of the strategic plan. Strategic planning will be works more effectively if the members of the business team work actively in the process. Business environment analysis is done by the help of strategic planning tools. Strategic Planning tools are widely used to enhance the Strategic Planning Process. Every company adopts different types of tools to develop an effective strategic plan. SWOT analysis is the widely used technique and which is very understandable and helps to improve your company's profitability.

Some of the widely used strategic planning tools are:

SWOT Analysis

PEST Analysis

Scenario Planning

Competitive Analysis

Goals Grid Method

Supply Chain Analysis

Strategic Planning implementation is the last step of strategic planning process. The three major factors for the successful strategic planning and implementation are commitment, credibility, and communication. Strategic Planning will be successful, when the higher hierarchy leader implements the strategic planning process with additional care. Reliability of strategic planning is created and maintained by the guidelines of representative participation, devoted to the complete process, and clear documentation. The strategic planning committee should have executives in all areas of organization representatives from all areas of the organization and encourage them to participate in all steps of the process. The committee should analyze the collected data for the preparation of a strategic plan and its background materials. It is an open evident for the committee's activities to see and evaluate.

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