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Strategic planning

Strategic planning means planning for strategies and implementing them to achieve organizational goal. It starts by asking oneself simple questions like: What are we doing? Should we continue to do it or change our product line or the way of working? What is the impact of social, political, technological and other environmental factors on our operations? Are we prepared to accept these changes etc.? Strategic planning helps in knowing what we are and where we want to go so that environmental threats and opportunities can be exploited, given the strengths and weaknesses of the organization. Strategic planning is “a through self-examination regarding the goals and means of their accomplishment so that the enterprise is given both direction and cohesion.”

It is “a process through which managers formulate and implement strategies geared to optimizing strategic goal avhievelisation of planning where plans are made for long periods of for effective and efficient attainment of organizational goals. Strategic planning is bases on extensive environmental scanning. It is a projection into environmental threats and opportunities and effort to match them with organization’s strengths and weaknesses. While long-run planning may not be fully equipped to absorb environmental shocks, strategic planning is done to comprehend, anticipate and absorb environmental vagaries. Strategic planning is a continuous process. Every time business organs ions want to achieve higher growth rate or change their operations, desire for better management information system, co- ordinate activities of efferent departments, remove complacency from organizations; they make strategic plans.

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