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Business Strategic Planning

 

Description
Strategic planning is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources – especially large, irrevocable resource commitment decisions to pursue this strategy. The key concepts within the framework of 'strategic planning' includes an understanding of the firm's vision, mission, values and strategies. Strategic planning and decision processes should end with objectives and a roadmap of ways to achieve them. Often a strategy map is used to document the primary strategic goals being pursued by an organization.

 

Methodology
A successful Strategic Planning process should:
• Define the organization’s mission, vision and fundamentalvalues
• Identify potential business arenas and conduct a SWOTanalysis for each of them
• Understand the current and future requirements of targetedcustomer segments
• Analyze the company’s strengths and weaknesses relativeto competitors
• Determine which elements of the value chain the companyshould make versus buy/outsource
• Define a strategy with clear goals, and targets. Also identifythe linkages between different strategic elements and identify how each of them affect the customers
• Identify and evaluate risks associated with defined strategy
• Develop a business model that will profitably differentiate the company from its competitors
• Prepare programs, policies and plans to implement the strategy. Also define timelines and assign responsibilities for
the same
• Define organizational structures, decision processes, information and control systems and hiring and training
systems to complement the strategy
• Allocate resources to implement the strategy
• Monitor performance continuously and make changes in strategy if required

 

Usage
Strategic Planning is used for the following in an organization:
• Define a common direction and performance metrics of a business across the organization
• Encourage fact-based discussions of politically sensitive issues
• Create a common framework for decision making in the organization
• Fairly allocate the limited resources available within an organization into areas with maximum potential
• To continuously track the performance of an organization against finalized performance metrics

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