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Why is Strategic Planning Important?

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Strategic planning is a systematic method for decision-making in business. It is used to guide organizations through a procedure of identifying, documenting, analyzing, prioritizing, planning, and delivering change activities to realize the business objective. Strategic planning is part of the wider strategic planning process. In other words, strategic planning covers the entire gamut of activities that help achieve the business objective. Click here –

Important Aspects of the Strategic Planning Process

Strategic planning is used to determine the long-term business objectives and to forecast the future course of events. Strategic planning helps to align the financial resources of an organization with its short-term and long-term goals and objectives. Strategic planning also helps to determine the relationships among the various activities of an organization, their contribution to the overall growth and profitability of the organization, and their relative priorities. Strategic planning helps to identify the most critical business drivers and to identify the actions needed to mitigate risks to the achievement of these targets. In addition, strategic planning helps to guide and control the organizational direction by providing knowledge about the strategic, operational, and management aspects of the organization.

The primary role of the strategic planning committee in an organization is to provide the feedback necessary to ensure that the strategic planning process is effective and to ensure alignment between the organization’s activities and its external environment. The strategic planning committee also plays a key role in ensuring that the strategic plan is updated on a regular basis. The committee may also play a role in ensuring that the organization adheres to certain principles and that it adheres to these principles in the implementation of strategic planning.

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