strategic planning

Strategic planning is the process executives undertake in order to make thoughtful decisions about their organization’s mission, values and goals, and properly allocate resources to fulfill those directives.

Strategic planning is a review and planning process that is undertaken to make thoughtful decisions about an organization’s future in order to ensure its success. 

Strategic planning involves clearly defining the organization's mission and an assessment of its current state and competitive landscape. Strategic planning also requires a well-thought out plan for how to properly allocate time, human capital and financial resources. By following a strategic planning process, an organizations can improve business outcomes and avoid taking on unanticipated risks due to lack of foresight. 

Depending on the scope of an organization’s plans, a strategic planning process can look forward one, five or 10 years, or even more in some cases. Findings are often gathered in a formal strategic planning document.

See also: risk mangement, strategic sourcing

This was first published in November 2013

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