Business Management

Benefits of Strategic Planning

 

 

Strategic Planning provides a number of benefits to an organization including:

Ø  An opportunity to clearly define the purpose of the organization

Ø  Establish achievable goals consistent with the mission and within a timeframe the organization can achieve.

Ø  A vehicle for communicating goals among employees and key customers

Ø  Provide a forum for employees to establish ownership of the plan and facilitate accountability.

Ø  Ensure the most effective use of the company’s resources.

Ø  Provide a vehicle to focus on key priorities.

Ø  Set a roadmap for future changes that will be needed.

 

The key to effective Strategic Planning is to implement the process and continue planning as the organization and external market environment changes. Certainly the plan will need annual reviews at a minimum to be an effective tool.

A Business Plan is used to define the “HOW” of implementation.