What Is A Strategic Plan In Business

The organization may use a variety of methods of measuring and monitoring progress towards the strategic objectives and measures established, such as a balanced scorecard or strategy map.

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Strategy can be planned (intended) or can be observed as a pattern of activity (emergent) as the organization adapts to its environment or competes.

Strategy includes processes of formulation and implementation; strategic planning helps coordinate both.

A variety of strategic planning tools (described in the section below) may be completed as part of strategic planning activities.

The organization's leaders may have a series of questions they want to be answered in formulating the strategy and gathering inputs, such as: The output of strategic planning includes documentation and communication describing the organization's strategy and how it should be implemented, sometimes referred to as the strategic plan.

It is executed by strategic planners or strategists, who involve many parties and research sources in their analysis of the organization and its relationship to the environment in which it competes.

Strategy has many definitions, but generally involves setting strategic goals, determining actions to achieve the goals, and mobilizing resources to execute the actions.Simply extending financial statement projections into the future without consideration of the competitive environment is a form of financial planning or budgeting, not strategic planning.In business, the term "financial plan" is often used to describe the expected financial performance of an organization for future periods.The term "budget" is used for a financial plan for the upcoming year.A "forecast" is typically a combination of actual performance year-to-date plus expected performance for the remainder of the year, so is generally compared against plan or budget and prior performance.How close they are to the strategic goals and vision will determine the success or failure of the strategic plan.There will also arise unintended Outcomes, which need to be attended to and understood for strategy development and execution to be a true learning process.The strategy may include a diagnosis of the competitive situation, a guiding policy for achieving the organization's goals, and specific action plans to be implemented.A strategic plan may cover multiple years and be updated periodically.A strategy describes how the ends (goals) will be achieved by the means (resources).The senior leadership of an organization is generally tasked with determining strategy.

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