What is Strategic Planning?
Strategic planning is a systematic process of carrying out various functions in order to achieve the necessary goals. A strategic plan is important to know the right goals to achieve by performing the right actions. At every stage, long-term planning is necessary to reach the next level and go beyond it. Good strategic planning enables a business to attain desired goals and flourish gracefully.
Factors of strategic planning and how it helps
Communication: Strategic Planning is considered most effective when because of it, communication is maintained. When top level management can directly contact with the bottom level of the problems and vice versa, a management is considered successful.
Innovation: A strategic plan should be such that gives major importance to innovation. New ideas should always be welcomed as they can be of great assistance. Innovation leads to discussions and more hard-work and dedication amongst the people and hence, it should be made a priority.
Engagement: For a strategic plan to work out as estimated, an overall engagement of the organization is a must. From the lowest management to the highest, each member of each department should be openly willing to contribute to the business.
Equality: A strategic plan should be such that not only fulfills the profit motive of the business but also takes care of its employees. It should give them opportunities to grow along with the growth of the organization. Strategic planning should be done in such a way that every employee feels rewarded and thus works harder.
Culture: Business ethics and culture should go together when strategic planning is done. The basic necessities that a business should have, it must. The culture of the organization should be maintained at all times so that the employees give their best to it.
Time: Strategic planning requires constant monitoring and hence, it should be a day-to-day basis job. Once the plan is made, a check should be done at all times as it is a continuous activity. This helps in the long as well as the short run. The way strategic planning makes an impact in the organization, can be seen at both, small and large levels.
Unity: Strategic planning will only work if people are dedicating themselves in unison. There should be togetherness in the working pattern and only then the effectiveness of strategic planning can be seen.
Transparency: Transparency should be maintained in the work done so that there can be trust amongst the organization. When it is clear at all levels what and how the work is done, it becomes easy.
Making a strategic plan may well be easy, but it takes a lot more than that for it to work easily and effectively. When all such factors are kept in consideration, and are focused on throughout, a business can run properly and without much hassle. This kind of strategic planning fulfills the need at all levels of management in the organization. Strategic planning is a continuous activity and should be carried on at all times for absolute effects.