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What is strategic planning What is the purpose of strategic

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What is strategic planning? What...
What is strategic planning? What is the purpose of strategic planning? Why is it necessary? What are the components of a strategic plan? Which component is the most important? Why?

please complete by friday morning 10:00 am est time thanks
Submitted: 8 years ago.Category: Homework
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11/11/2009
Tutor: Achowalogen, Teacher replied 8 years ago
Achowalogen
Achowalogen, Teacher
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Satisfied Customers: 287
Experience: 20 years in business, MA, Teaching or Teacher's Assistant since 2001
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I answered almost the exact same thing for someone else a week or less ago, I would suggest you go through and put it into your own words a bit to make sure no one gets too picky....

What is strategic planning?


Strategic planning determines where an organization is going over the next year or more, how it's going to get there and how it'll know if it got there or not. The focus of a strategic plan is usually on the entire organization.
(SOURCE: http://managementhelp.org/plan_dec/str_plan/str_plan.htm)

What is the purpose of strategic planning?

The purpose of strategic planning is to set your overall goals for your business and to develop a plan to achieve them. It involves stepping back from your day-to-day operations and asking where your business is headed and what its priorities should be.

Taking the decision actively to grow a business means embracing the risks that come with growth. Spending time on identifying exactly where you want to take your business - and how you will get there - should help you reduce and manage those risks. (Source:http://www.businesslink.gov.uk/bdotg/action/detail?type=RESOURCES&itemId=1079687246)

Why is it necessary?

Strategic planning will help you foresee and react quickly to market changes and opportunities. Routine strategic planning helps you see opportunities earlier and set up contingency plans so threats are minimized. (Source: http://8secrets.biz/wordpress/?p=5)

What are the components of a strategic plan?

  • Defining a vision for success
  • Seeing what is happening in the world that will affect your business
  • Setting long term objectives (1-5 years)
  • Setting short term goals (less than one year)
  • Monitoring progress and following through
  • (Source: http://8secrets.biz/wordpress/?p=5)

    Which component is the most important?

    Long Term Objectives (LTO)

    Why?

    If you do not know LTO you cannot look at the environment you will be working in. Without that you cannot set your short term goals based on what you see happening around you. And without the two of those you do not know how to monitor for success and figure out what measurememnts you need to determine success.

    Some will tell you the vision statement is most important, but even in a classroom for one year, I sit with the entire year's guide, figure what I'll have happening, make adjustments to the testing and assessment ideas (monitoring) so I know what the kids want to put in their vision statement when we start the year.
    Achowalogen
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    Customer reply replied 8 years ago
    Thanks very detail what I was looking for
    Tutor: Achowalogen, Teacher replied 8 years ago
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