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What Is So Valuable about Strategic Planning - Essay Example

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The essay "What Is So Valuable about Strategic Planning" describes all the sides of strategic planning as the process of developing an approach for managing a business and using it to enhance the accomplishment of business goals. It is usually aimed at accomplishing and preserving competitiveness in business…
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What Is So Valuable about Strategic Planning
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Download file to see previous pages It is concerned with the assessment of the background on which the business operates to understand the best actions that can assist in accomplishing the organization’s long term objectives and overall mission (Nolan, et al. 2008).
The strategic plan acts as the basis for the organization’s activities. It is important for successful operations for the business. The development of the techniques for management is usually based on the strategic plan. In the products and services business, the strategic plan will assist in maintaining competitiveness despite the existing competition. This is because all the actions will be carried out after a careful analysis carried out while developing a strategic plan. It sets out the direction for the business regarding the accomplishment of business goals. It helps in allocating the available resources effectively as well as allocating tasks to the most appropriate person. The strategic plan also helps in ensuring that the business operates within a budget that is consistent with the available funds. As Grant (1991) observes, in strategic planning, the business seeks to highlight some important aspects of operation such as exactly what is involved in the business, its customers as well as what steps can improve its performance. It is a practice that aims at dealing with competition and provides information as regards the future progress of the business.
The traditional strategic planning involved processes that begin with generalization and then focusing on particular elements of the internal and external environment of the organization. SWOT, Porter’s Five Force model, and PESTEL analysis are among the traditional methods of strategic analysis, which were followed by an evaluation of methods that could work to deal with challenges in the business environment. In other words, the procedures were based on cause and effect. The solutions developed were based on what was viewed as a threat, while the actions that can enhance progress were based on the opportunities identified in the operating environment.  ...Download file to see next pagesRead More
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