What is Strategic Planning?

What is strategy?

Strategy and being strategic is about consciously choosing to be clear about your company’s direction in relation to what’s happening in the dynamic environment. With this knowledge you’re in a much better position to respond proactively to the changing environment.

What is a strategic plan?

Simply put, a strategic plan is the formalized roadmap that describes how your company executes the chosen strategy. A plan spells out where an organization is going over the next year or more and how it’s going to get there. Typically, the plan is organization-wide or focused on a major function such as a division, department, or other major functions. A strategic plan is a management tool that serves the purpose of helping an organization do a better job, and it improves organizations because a plan focuses the energy, resources, and time of everyone in the organization in the same direction. Specifically, a strategic plan:

Is for established businesses and business owners who are serious about growth
Helps build your competitive advantage
Keeps you focused on the right opportunities
Prioritizes your financial needs
Provides focus and direction to move from plan to action