Importance of Strategic Planning

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Importance of Strategic Planning

• Strategic planning is a process in an
  organizational culture in which a strategy is
  defined or a direction is set and then business
  decisions are taken for allocation of the
  business resources and assets in order to pursue
  the defined strategy. Strategic Planning
  comprises of two words, i.e. strategy and
  planning. 

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Systematic Proven Business Tool
Strategic Planning is a traditional means used
over a long span of time by the business leaders
and managers to create milestones and give
business new heights. This is a very systematic
organizational blueprint consisting of
step-by-step activities to be undertaken by the
team to achieve their long term business goals. 
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Missing Opportunities

• With the help of a finely created business
  strategy plan, one can take an advantage of one
  of the premium opportunities arising all of a
  sudden or in the near future out of external
  environmental factors.

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Focus on problem solving

• With strategic planning process one takes into
  account a long term view of the business
  operations and its model. There can be some
  consistent minor problems that prevent the
  business from achieving its highest efficiency
  and thereby stopping from maximizing the
  organizational success which can be solved by
  strategic planning process

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Enables creating a fine and clear strategy

• Clear strategic plans not only benefit the
  business or its shareholders, but the
  stakeholders at large. With a clear business
  strategy the employees and managers get a clear
  idea about their roles, targets and performances. 

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Proactive business tool

• With a systematic and clear strategic plan the
  managers are not only able to attend to the
  current business conditions and situations, but
  also address future activities based on the
  upcoming industry scenarios and factors. 

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Appropriate allocation of resources

• Systematic planning, directed activities and
  properly thought upon business decisions, not
  only help the business to allocate its resources
  in an efficient way but also enable it to
  judiciously make use of its assets with the
  motive to maximize its output and minimize its
  wastage. 

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Measurable means of business performance

• Strategic planning as read above is a
  step-by-step plan of the long term vision of the
  business which means it is broken down into
  smaller and more easily achievable missions or
  business goals over a short span of time. This
  enables to measure the performance of the
  business over the series of these short term
  business targets.

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Flexible yet disciplined means

• Though this is a measurable tool in case of any
  variation in the targeted business goal a
  strategic plan will enable to take a changed
  business move in order to achieve same long term
  business goal may be with a different set of
  actions.

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Simplified yet motivating

• The strategic plan is based on the concept of
  simplifying the complex goal into fragments of
  simple and understandable sections of smaller
  targets. This helps to understand the complex
  whole picture in an easier way by breaking down
  into sections. 

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A competitive edge over rivals

• When a business leader has a plan which is
  systematically made to cover his long term vision
  and is finely crafted in sections to elaborate
  its small, thoughtful goals, he has better and
  higher chances of extracting from the upcoming
  opportunities and fighting back the threats or
  converting them to their advantage.

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Enables Follow-up and change implementation

• The strategic planning process is based on goals
  which are nothing but just the small pies in a
  big cake which are achieved over a span of time
  to form that Big chocolate cake. For example the
  wider vision is to capture the national market
  over the span of the next 20 year. 

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