Strategic Planning For Your Business.
What is strategic planning? It is basically a business's process of defining it's strategy, or direction and making decisions on how the resources to pursue this strategy will be allocated. In order to determine the direction of your business, first of all you must know its current position and the possible ways through which it can pursue a desired course of action.. Ideally, strategic planning can deal with one of the following three questions:
1. What do we do?
2. For whom do we do it?
3. How did we excel?
In many organizations, this is seen as a process for delivering where the business is going over the next year or more. This can be 3-5 years, for long term or this can be over a period of 20 years.
What are the key components of strategic planning? The key components of strategic planning include the total knowledge of the vision, mission, values and the strategies of the business.
Vision: This looks at what the business wants to be or how it wants the environment in which it operates to be. This is the end picture after it has achieved all it's set goals. This can be a source of inspiration. Let us say, for instance, a charity working with the poor might have a vision statement which may read "A World without Poverty."
Mission: This defines the critical purpose of the business. It clearly describes why it exists and what it does to achieve it's vision. For instance, like the example given above, might have a mission statement as "Providing jobs for the homeless and the unemployed."
1. What do we do?
2. For whom do we do it?
3. How did we excel?
In many organizations, this is seen as a process for delivering where the business is going over the next year or more. This can be 3-5 years, for long term or this can be over a period of 20 years.
What are the key components of strategic planning? The key components of strategic planning include the total knowledge of the vision, mission, values and the strategies of the business.
Vision: This looks at what the business wants to be or how it wants the environment in which it operates to be. This is the end picture after it has achieved all it's set goals. This can be a source of inspiration. Let us say, for instance, a charity working with the poor might have a vision statement which may read "A World without Poverty."
Mission: This defines the critical purpose of the business. It clearly describes why it exists and what it does to achieve it's vision. For instance, like the example given above, might have a mission statement as "Providing jobs for the homeless and the unemployed."
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