Strategic Planning 2

Strategic Planning 2 - Strategic planning has become a...

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Strategic planning has become a concept that is commonly suggested as the "solution" to many business problems. Some days it appears that the chief product of many businesses is their strategic plan. Don't misunderstand me, strategic plans are wonderful when used appropriately, but they do need to be a tool of a business, not a goal unto themselves. And, most definitely, they should not be a major consumer of valuable employer/employee time. Many entrepreneurial ventures mistakenly belief that strategic planning is only for large businesses that can afford the time and personnel to develop a sound plan. However, if you are to compete in the marketplace against the "big guys", you need to learn some of their gameplans - and strategic planning is a major part of any successful, large business. That does not mean that your startup needs all the bells and whistles of the more complex plans. You can in a matter of hours sketch out a good working draft that will help keep you on course to becoming a solid competitor. Let's take a look at the basics that will get your business strategically positioned to develop in the direction you want it to go. What is strategic planning and how does it differ from other types of planning? Strategic planning involves setting up a strategy that your business is going to follow over a defined time period. It can be for a specific part of the business, like planning a marketing strategy, or for the business as a whole. Usually a board of directors sets the overall strategy for the business and each area of the company plans their strategy in alignment with the overall strategy. Differing businesses use various time periods for their strategic planning. The time period is usually dependent on how fast the industry is moving. In a fast-changing environment like the internet, 5-year plans don't make sense. In industries that change more slowly, longer range planning is possible and desirable. Writing a business plan is different from strategic planning. One writes a business plan when one is starting something new - a business or a product/service line within a business. Strategy looks to growth while business
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This note was uploaded on 10/22/2010 for the course WPC 301 taught by Professor Burns during the Fall '08 term at ASU.

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Strategic Planning 2 - Strategic planning has become a...

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