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.
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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.