Do you know where exactly your enterprise is standing now? Do you wanna determine what steps you can possibly take to bring it on right track? If yes, then you should start and implement 'strategic planning'.
Strategic planning is your company's future course or an organizational formal consideration. Some of the initial questions of this planning should be:
- What do we do at this stage?
- Where are we standing and where we wanted to be?
- How do we excel?
- For whom are we working for and what improvements can we do?
- How can we beat the competition?
- What plans the enterprise has for the next 5 or 20 years?
- How to avoid competition and still be profitable?
Strategic planning deals with the definition of the organization's directions with its strategies, key decision making, use of resources, capital utilizations and the future course. Various business intelligence techniques can be used to analyze the weaknesses, strengths, threats and opportunities. Other vital parameters that should be considered are the economic, political, social, technological and various legal and regulatory issues.
I consider strategic planning as a tool for effectively plotting the direction of the company. No matter how much we plan, we cannot foretell where exactly the market is gonna be and what issues can become prominent in the coming years, but why should we leave it to fortune? Planning is always better than no planning, isn't it?
What should be the goals and the objectives of strategic planning?
Strategic planning is being widely practiced officially as well as unofficially. At the end of the planning you should be clear enough with the enterprise development plans and the roadmaps of how to achieve them. Remember, the plans that you come up with, should be practically feasible and easily put into action plan by your management team. Over arching goals and high level initiatives do not get articulated easily, and it might de-motivate a fraction of your work force; hence be realistic but uphold high aspirations!