What is the purpose of strategic planning in Business?

[Noor khan]

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.

I think as I know 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.

 

[Obaterof]

Strategic planning helps a business achieve the purpose of its existence easily. A businessman that don't have a good strategic plan is doomed

 

[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.

 

[Adegbindin Abdullahi]

Strategic planning is a systematic process that helps you set an ambition for your business future and determine how best to achieve it. It involves setting out your overall goals for your business. In contrast, the purpose of the business plan is to provide the detailed roadmap that will take you in your desired direction

 

[ansahweh]

Everything in life is made easy by planning. An unplanned business is bound to fail so strategy is very invaluable when planning a business. SWOT analysis helps the entrepreneur to know the strength, weakness and opportunities in his business.

 

[Herzhan]

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.

Strategic planning is an organizational management activity that is used to set priorities, focus energy and resources, strengthen operations, ensure that employees and other stakeholders are working toward common goals, establish agreement around intended outcomes/results, and assess and adjust the organization operations

 

[Samuel77]

According to my own point of view, every business had it own term and condition, I believe the purpose of strategic plan in business is to put in your own idea, in order to make your business more better and conducive for you
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According to my own point of view, every business had it own term and condition, I believe the purpose of strategic plan in business is to put in your own idea, in order to make your business more better and conducive for you

 

[Dowenship]

Hmm..... Strategic planning is always part and the core part of your plan. There are other plans in place but the very core plan which you consistently take in the business you do till it becomes a success. Strategic planning involves more than one head, probably 2- upward.

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.

 

[Onachukwu]

Profit is the positive financial gain your business makes after you've subtracted all your expenses. The ability to generate profit is crucial to the survival of your business. It is about more than just making money — it's also about the ability to use surplus funds to invest in and grow your business in the future.

 

[Bart Simpson]

The success or failure of your company could come down to planning and strategic thinking. It is also said in life that when you fail to prepare, you plan to fail. Before they can start a company, there is a prerequisite of making all the necessary arrangements for how to operate the business effectively. Often, as a part of your strategic strategy, you determine whether your target group will be impacted by an unforeseen case. Getting an adequately prepared for the future would allow one to be prepared for future tasks.

 

[btaliat]

All businesess and investments need planning. Because it will help you in setting whether a long term goal or short term goal. And panning will show your objectives, how you want to carry them out and the reasons got your business.

 

[Damismiling]

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.

You are very correct,it's needful for every business that wants to experience rapid growth to have it, strategic planning is a strategized view on how a problem can be solved...and measurement

 

[Victor001]

Strategic planning for business is setting up tackling measures to defend against hiccups, developing measures as comeback incase of ant negative frivolities, no business is guaranteed to be perfect as you strive to success make backup plans achievable.

 

[jimmann247]

Strategic planning is also planning but in a different way or system, when you want to achieve someone and maybe what you want to achieve has to do with competing with others before you can achieve it, you will come up with your own strategic planning to achieve it.

 

[Sammyesx]

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
your vision - describing what you want to achieve
your plan - outlining how you want to achieve your ultimate goals

 

[Keibah]

Strategic planning involves every method and detail you intend to use in your business. This is often a step-by-step breakdown of how everything is supposed to be. It must be sustainable over a longer period of time.

 

[tyrim88]

Stratetegic planning are the delibrate road map one has outline and the mechinaries you put in place to follow and achieve that set objective.
It is a conscious effort on how best to tackle a particular situation in any sphere of life.

 

[kingbluewave]

Taking the decision to grow a business means embracing the risks that come with growth. Spending time on identifying exactly where you want to take your business - and how you will get there - should help you manage those risks and take charge of the growth process.

As your business becomes larger and more complex, strategy formulation will need to become more sophisticated. To do this, you might want to start collecting and analyzing a wider range of information about your business - both about how it operates and about how conditions are developing in your current and potential markets.

 

[Adeyoola7]

Strategic planning is important to an organization because it provides a sense of direction and outlines measurable goals. Strategic planning is a tool that is useful for guiding day-to-day decisions and also for evaluating progress and changing approaches when moving forward.

 

[Luckboy]

The strategic planning is about determining the direction in which you want to take your business. It involves setting out your overall goals for your business. By contrast, the purpose of the business plan is to provide the detailed roadmap that will take you in your desired direction.