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Strategic Planning: A Roadmap for Success
What Is Strategic Planning?
Ever heard the saying “Failing to plan is planning to fail”? That’s the essence of strategic planning — a systematic process of defining an organization’s direction and making informed decisions on allocating resources to pursue this strategy. It helps organizations to move forward with clarity and purpose, securing a stronger, more competitive future.
Key Elements of Strategic Planning:
· Mission & Vision: What does the organization stand for? Where does it want to go?
· Environment Analysis: Identifying Strengths, Weaknesses, Opportunities, and Threats.
· Strategic Issues: The major challenges that could impact success.
· Action Plans: Defining specific strategies, programs, and resources needed.
· Implementation & Measurement: Execution and tracking progress to ensure accountability.
A 10-Step Strategic Planning Process
Companies typically follow a 10-step process in their strategic planning:
1️. Initiate the process & get agreement (Leadership alignment is key!)
2️. Identify organizational mandates (Legal, regulatory, and internal obligations.)
3️…
