Strategic planning vs tactical planning

Strategic Planning:

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. The Strategic planning process involves certain topics and action steps. However, the process does not always be in one flow of direction. If any issues occurs in the middle one step may require to go back to the first step of the process .You can change the order of the steps to suit the particular needs of the planning team. The implementation phase also does not end the planning process. It is better reviewing the strategic directions for an effective implementation of strategic plan to reach the expectations.

Strategic planning process includes below steps:

Mission and Objectives

Environmental Scanning

Strategy Formulation

Strategy Implementation

Evaluation and Control

The traditional role of strategic and financial planning process is as follows:

The traditional goals of Strategic Planning Process are:

Develop and implement a strategic plan that supports the organization's mission, vision and values

Create organizational and business unit plans

Identify and evaluate new business opportunities

Provide training and education related to planning

Perform market assessments and forecasts

Reconcile the plan with capital and operational budgets, as well as with human resource and facility planning

Monitor plan implementation and measure results

Tactical Planning:

As per the experts view, tactical planning is Systematic determination and scheduling of immediate or short-term activities required in achieving the objectives of planning. Tactics are the gist of strategy. Tactics consists of what is done to pursue the strategic planning. The application of vision statement into the setting of goals is the last priority factor in the tactical planning process. Tactical Planning requires huge range of potential futures" to examine the implications. The strategic planning process of business determines the roadmap to achieve the prescribed goals. In simple words, Tactical planning is a course of action to act in order to reach the objectives of strategic planning. Strategies are combination of a number of tactics with the involvement of several different people trying to reach a common goal. Tactical planning is developed by a small business owner or management team, who deals with getting the work done to carry out the strategic plan. They sketch a tactical plan to deal with the how part of the plan like, How can goals are accomplished within the designated limits of resources and authority?

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