Key Steps for Strategic Planning
The business world is getting fiercely competitive and to maintain the competitive edge, relying only on forecast-based or budget based planning methods isn’t enough. The need of the hour is engaging in strategic planning where the objectives are clearly defined and strategy is formulated on the basis of the assessment of internal as well as external situations. Strategy formulation is then followed by implementation, evaluation and streamlining the strategy to achieve the goal. Strategic planning begins with defining the desired end and working backwards to the current status to formulate an effective strategy. Here are the key steps involved in the process of strategic planning: Organize Team and Information As the first step of strategic planning , decide which of employees you want to be involved in the team for planning. Also gather all the necessary information required for the planning. Make sure that the information you use are accurate and up-to-date. Also id...