Entrepreneurship

How Often Strategic Planning Should Be Done

How Often Strategic Planning Should Be Done-Are you an entrepreneur or a business owner and you are confused about strategic planning in your business enterprise and how often you should carry it out then you saw this article right in time.

Strategic planning is very important for business growth as it will help you know where you want to go by exploiting the threats and opportunities around your environment and also how to work with strength and weaknesses of the business or company.

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Every organization engages in strategic planning as it helps to plan strategies and implement them to achieve the goals and objectives of the organization.

In this write-up, we will show you a lot about strategic planning and how to can go about it to ensure the growth of your business or company.

Table Of Content

  • What is strategic planning?
  • Characteristics of strategic planning
  • Importance of strategic planning
  • The strategic planning process
  • Final note

Let’s proceed…

What Is Strategic Planning?

Strategic planning starts with self-examination pertaining to the goals and objectives and how they can be achieved in due time. It is the process of setting down strategies and implementing them to achieve the goals of the organization.

In strategic planning, you will have to ask yourself questions like:

  • What is the organization doing?
  • Is it profitable and should the organization continue or change?
  • How does the environment, social, technological, political and other factors affect the operations of the organization?

The answers to these questions will help you in laying down strategies that will help in achieving the goals of the organization.

Strategic planning is the process of setting out plans for long term purposes in order to achieve the goals and objectives of the organization effectively and efficiently.

Strategic planning is the process of determining a company’s long term goals and then pointing out the best ways to achieve the identified goal and objectives. Here, you make decisions about the future outcomes of the organization, how to achieve these outcomes and also how the success is to be measured or evaluated.

Some people have taken strategic planning to be based on scanning the environment extensively to understand the threats and opportunities that lie in the environment and how it can be matched with the strengths and weaknesses of the organization.

Strategic planning is a continuous process and so it should be done as long as the organization still exists and wants to achieve higher growth.

Characteristics Of Strategic Planning

We are going to look at some of the characteristics that strategic planning should possess for it to be effective. Some of them are:

  • Everyone must be involved in the plan

When we hear strategic planning, we think the process is only for the senior management teams but the truth is for strategic planning to work, everyone must be carried along.

There are situations when the plan doesn’t work out as planned and this might be because those that are in charge of implementing the nuts and bolts of the plan where not given the chance to give their input or even intimated with the plan from the start.

Let the employees be allowed to contribute to the plan and share in the vision and goal of the organization and this way, they will deliver their best.

  • It should be a long term planning

Strategic planning is supposed to stay for a long term as it keeps in view the present and future environmental opportunities. It should look at the future outcomes of the organization and how these outcomes can be achieved.

  • It should consider the operational realities

Every organizations has its strengths and weaknesses and it is very important that in strategic planning, there should be a critical analysis of the organization’s weaknesses and challenges as this will help in effective strategic planning.

Identifying the challenges and weaknesses of the organization will help you come up with the best planning approach to achieve the goals and objectives of the organization.

  • It should assign actions to individuals

The best strategic plan should be well detailed as it assign roles to individuals stating who will do what, when and also the scope the activity should follow. The plan will also provide the resources to help the individuals carry out the task assigned to them.

  • It should be a continuous process

Strategic planning should be a one-stop process instead, it should be continuous so as to enable the organization adapt to changes in the dynamic environment.

  • It should create ways to measure and evaluate organizational progress

Effective strategic planning will create ways to evaluate if the organization is making progress as this will help keep it on track and also know if there are any improvements to be made to ensure success in the long run.

In evaluating the progress, it must take into account if the action was carry out well and not just if it was completed.

Importance Of Strategic Planning

Strategic planning offers a lot of benefits to an organization and that is why organizations are advised to always engage in it. We are going to look at some importance of strategic planning:

  • It offers financial benefits to the organization

Through strategic planning, there will be increase in sales, higher profits and lower cost.

  • Strategic planning gives competitive advantage

Planning is a way to bring the future to the present and seeing what you can do to make the future better and in doing this, you will be able to foresee the future, anticipate possible problems and challenges and also figure out ways to solve those problems.

  • It helps minimize risk

Through strategic planning, you assess the possible risks associated with the project and actions you want to undertake and identify strategies to minimize and manage risk. Strategic planning helps you to identify the safest business opportunities with the minimum risk.

  • It helps to make use of resources efficiently

Strategic planning helps the organization make use of resources efficiently in order to achieve maximum output.

  • It creates a synergy between organizational activities

Strategic planning helps to unifies organizational activities and effort towards the long-terms goals. Through this, members know what they want to do and how they will do it.

Frequently Asked Questions

Let’s look at some of the frequently asked questions people ask about strategic planning

  • What is the first step in the strategic planning process?

In strategic planning, the first step is to create mission and vision statements as starting your planning process with this will help to channel your goal setting and action planning process towards the values and long-term objectives of the organization.

  • Who should be involved in a company’s strategic planning?

In most scenarios, the senior management are the ones that engage in the strategic planning of the organization especially at the initial stage and after this, all the employees will do their best in executing everything concerning the strategic plan and also monitoring the progress of the plan.

For the strategic plan to be effective, everyone should be involved from the planning to the execution and then monitoring the progress of the plan.

Final Note

Strategic planning is very important to help an organization identify their goals and set out plans to achieve these goals. Every organization needs a strategic planner as the growth and performance of the organization depends solely on the plans and strategies they come up with.

Whether you want to get your brand recognized and still trying to manage your budget as a new company or you are looking to expand as an already existing company, having a good strategic plan will help to organize your goals and also draw potential investors to your company.

REFERENCE

  • scholars4dev.com
  • kiiky.com
  • currentschoolnews.com
  • myschool.ng

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