Strategic planning framework

Modern-day business environment becoming more challenging and complex. Under the traditional business settings, firms focus on building a successful strategy that is translated into a robust competitive position. Strategic planning is defined as an organizations strategy or direction by taking decisions on allocating its resources to pursue this strategy, including its capital and people. Strategic planning frame work is a complete analysis of a strategy. It includes various methods, tools models, goals, methodologies and objectives of strategic planning process.

Various business analysis tools and techniques can be used in strategic planning framework like:

Steer Swot analysis is a strategic planning tool useful to assess an organization and its environment thoroughly i.e. Analysis of Strengths, Weaknesses, Opportunities, and Threats of an organization.

Pest analysis: The Pest Analysis is another tool of strategic planning ,which is similar to Swot model and it is designed to focus more on the external environment and important factors which can affect the present and future business i.e. Analysis of Political, Economic, Social, and Technological analysis of an organization.

Steer analysis: Steer analysis also analyses the external factors of an organization i.e. Analysis of Socio-cultural, Technological, Economic, Ecological, and Regulatory factors of an organization.

Epistel analysis i.e. Analysis of Environment, Political, Informatic, Social, Technological, Economic and Legal factors of an organization.

Strategic planning is mainly designed to deal with three elements of an organization like "What do we do?,"For whom do we do it " and "How do we excel?" Strategic planning Framework determines the organization needs in the perspective of future. Vision, Mission and Values are part of a strategic planning Framework. Framework is designed by both people and organizations for significant success.

This framework consists of:

A vision for your future, A mission that defines what you are doing, Values that shape your actions, Strategies that zero in on your key success approaches, and Goals and action plans to guide your daily, weekly and monthly actions.

Vision: Is defined as the future state of an organization in the way of its strategic direction. Vision is a long term focus and evaluates the current state of an enterprise.

Mission: Mission is goal of an organization and it is a basic document to achieve its Vision.

Values: Values and Beliefs drive an organization's culture and priorities.

Various Methodologies includes in strategic planning framework are:

Vision: It defines the vision and set a mission goals statement with goals and objectives

Swot: Analysis conducted as per the prescribed goals

Formulate: Formulate is designed to achieve these goals.

Implement: Implementation of the above processes

Control: Monitor the framework and get feedback from implemented processes to fully control the operation process.

Situation analysis, analyses an organization and its environment as that particular period of time to identify all opportunities and threats of the external environment as well as the strengths and weaknesses of the organizations.

The below factors affects an organization external environment:

Markets (customers)

Competition

Technology

Supplier markets

Labor markets

The economy

The regulatory environment

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