What is the purpose of strategic planning in Business?

[Hasan Raza]

I know something about planning but strategic planning is far from my understanding, so please explain to me according to your knowledge and experience regarding strategic planning.

 

[Adebayonle7]

Just as we know that whenever a goal or goals are set, they don't just happen or get accomplished. There should be and there are always plans in place which leads to the accomplishment of such goals. Thus in the name STRATEGIC PLANNING, I will say it is a plan to accomplish specific goals but not just with any other plans but involving strategies. You and a competitor might have the same or similar goals but when you a strategic plan, you're not only planning towards accomplishing those goals, but at the same time you counter and block off potential threats from competitiors.

 

[Nicklas22]

A strategic plan allows organizations to foresee their future and to prepare accordingly. Through strategic planning, companies can anticipate certain unfavourable scenarios before they happen and take necessary precautions to avoid them. With a strong strategic plan, organizations can be proactive rather than merely reacting to situations as they arise. Being proactive allows organizations to keep up with the ever changing trends in the market and always stay one step ahead of the competition.

 

[Ridorz]

Strategies Planning is a first and most important and imperative thing to make in terms of business if you want to run a Business successfully.
Therefore, strategies is a plan of action or steps to take towards the accomplishment of goals that one intended to achieve.

 

[Caali]

A Strategic Business Plan is much more than a tool to obtain financing. If you still have all you plans and ideas locked up inside your head, preparing a strategic plan helps you clarify your company's direction, ensures your key leaders are all "on the same page" and keeps both management & staff focused on the tasks at hand.

 

[Sariana23]

A strategic planning, in my view, is when you plan an undertaking in a business and project it to make it a reality and the strategies that you are going to use to achieve the planned objective in the future. For this, you must have a vision of the future, carry out internal and external analyzes, and from there make decisions about the strategies to be used .

 

[Sarfraz Ali123]

The purpose of strategic planning is to set overall goals for your business and to develop a plan to achieve them. It involves stepping back from your day-to-day operations and asking where your business is headed and what its priorities should be.

 

[singlej007]

Strategic planning is a way or process of put smarting your competitor, planning for next many years on how you will overcome or over throne your business competitors. There are several ways of business strategies to keep you at the top in your area of business.

 

[Kehinde]

Strategic planning is a systematic process that helps you set an ambition for your business' future and determine how best to achieve it. Its primary purpose is to connect three key areas: your mission - defining your business' purpose.

 

[Chumzy]

Every business is assumed to exist in perpetuity and no foreseeable end is assumed. That being said planning for the short term life of the business is important and should be taken seriously. But the long term life and performance of the business is equally as important based on the concept above.

 

[Ralphjoe]

Strategic goals set the long-term direction of the firm. Strategic goals are consistent with the firm’s mission statement—what it values, why it exists, and what its purpose is. Strategic goals direct the firm’s efforts toward achieving its mission over the long run.

 

[Haiqa umair]

The purpose of strategic planning
The purpose of strategic planning is to set overall goals for your business and to develop a plan to achieve them. It involves stepping back from your day-to-day operations and asking where your business is headed and what its priorities should be

 

[Heatman]

Strategies Planning is a first and most important and imperative thing to make in terms of business if you want to run a Business successfully.
Therefore, strategies is a plan of action or steps to take towards the accomplishment of goals that one intended to achieve.

Exactly, you have to look beyond the face of the business in order to do more than just planning on order to make sure the business succeed. A lot of people start up a business without being successful in it and it's all about them not planning strategically.

 

[Mary]

The purpose of strategic planning is to lay out your company's goals and explain why they are important. The strategic planning processes can spark out insights about how you can restructure your business so that it can reach it full potential.

 

[joy101]

The strategic planning in a business will help you to set ambition in your business, in order to achieve good in your business you need to plan for your betterment of your business, it is very important in business.

 

[Nathaniel]

In my own point of view...strategic planning in business helps to plan ahead...and know some hidden potential and shortcoming before embarking into the business

 

[Goodday]

Strategic planning in business is very important for growth and development in the business. When we talk about strategic planning, It's when the business take careful measures that mostly bring about improvement in the business.

 

[Briangsam]

Strategic planning is key to any business with any chance of succeeding. This is by having an overall goals for the business, how to reach those goals, sustain the goals and ultimately make profit. Its importance can not be overemphasized.

 

[Nabeel119]

Strategic planning is a systematic process that helps you set an ambition for your business' future and determine how best to achieve it. Its primary purpose is to connect three key areas: your mission - defining your business' purpose.

 

[Psalmsavatar]

Business planning done right connects the dots in your business so you get a better picture of the whole. Strategy is supposed to relate to tactics with strategic alignment. Does that show up in your plan? Do your sales connect to your sales and marketing expenses? Are your products right for your target market? Are you covering costs including long-term fixed costs, product development, and working capital needs as well? Take a step back and look at the larger picture.