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Definition: Strategic Planning
The strategic planning process has always played a very vital part in the success of the company. Its process to define companies future plans, strategy, future goals, objectives and direction its going to take.
Identification of the mission and vision of the company
Setting up of the objectives
Current situation analysis
Formulation of the strategy for meeting the set objectives
Proper implementation of the set strategies
Feedback and control
The process applies to most of the businesses but these days the process is customized according to the requirement of the business.
I. Identification of the vision and mission of the company: Proper mission and vision of the company is very important for effective planning and setting up of the objectives.
II. Setting up of the objectives: Objectives can be short term medium term or long term.
III. Current situation analysis: Both the industry and company analysis is very important for the effective implementation of the objectives.
IV. Formulation of the strategy for meeting the set objectives: This is one of the most important step of the planning process and should be carefully set by the senior management by keeping into consideration the set objectives of the company.
V. Proper implementation of the set strategies: The implementation should be in line with the planning that is on papers.
VI. Feedback and control: If the implementation does not meet the set standards, then the gap should be measured and controlled accordingly.