ECONOMICS

Detailed explanation-1: -Strategic planning is a process in which an organization’s leaders define their vision for the future and identify their organization’s goals and objectives. The process includes establishing the sequence in which those goals should be realized so that the organization can reach its stated vision.

Detailed explanation-2: -The purpose of strategic planning is to set overall goals for your business and to develop a plan to achieve them. It involves stepping back from your day-to-day operations and asking where your business is headed and what its priorities should be.

Detailed explanation-3: -Strategic planning is a process that outlines the direction of an organization. It identifies how an organization will allocate their resources to achieve a desired future state while positioning itself to be competitive within the industry.

Detailed explanation-4: -A strategic plan helps to define the direction in which an organization must travel, and aids in establishing realistic objectives and goals that are in line with the vision and mission charted out for it. But it also creates a sense of collaboration and collective responsibility.

Detailed explanation-5: -Because a strategic plan establishes a direction for your business to take, it will help it sharpen its focus in order to get there. Strategic planning can therefore help your organization develop the right goals and targets and help everyone focus their efforts into meeting them.