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Strategic Planning is an organization or institution process that is used as a guiding tool used by an organization in executing its plan and utilizing its resources to pursue its strategy.
Usually created by organization’s strategic planners or strategists. These are kind of people who involve themselves in search engines and parties to find more about what entity is opt to do. It usually describes on how the set goals will be achieved efficiently.
Strategic planning is a process since it goes through various stages. It has its drawbacks and disadvantages. Strategic planning provides inputs for strategic thinking, which is the key to strategy formation. The output will be the organization’s strategy. Including covering organization’s environment an competitive situation, a guiding policy on what the organization intends to accomplish.
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Michael Porter wrote in 1980 that formulation of the competitive strategy includes consideration of four key elements:
- Wider societal expectations.
- Enterprise strengths and weaknesses;
- Firm threats and opportunities and,
- Individual values of the key implementers.
The elements above comprise of both internal and external factors.
Data is gathered from different sources and compiled. Such sources can be; Journals, competitor firms, exhibitions, shows and listening to what people say etc. NB the above source are also sources of business information.
Listening to stakeholders and members of that firm ideas. These ideas may be captured in an organization’s vision and mission statements.
Strategic planning includes meetings and exchange of ideas among leaders and other stakeholders to discuss the competitive environment and how to handle a problem when arises. Organization’s board of directors will discuss and consider the following in the activities of the firm.
- Business Interest of the firm.
- How to serve customers well.
- Geographical of the business.
- Objectives of the firm.
- Skills to be developed within the organization and,
- Rules and guidelines of the firm.
Its output includes communication and documentation that describes the organization. This has to be preserved for future reference and guide for the smooth running of the business.
Planning process definitely differs with the actual progression of the enterprise. How close are they? This is what the management will try to compare and make sure that there is no big difference between them.