A Review on the Importance of Strategic Planning in Business

International Journal of Economics and Management Studies

© 2022 by SSRG - IJEMS Journal

Volume 9 Issue 7

Year of Publication : 2022

Authors : Houssem Eddine Ben Messaoud

10.14445/23939125/IJEMS-V9I7P101

How to Cite?

Houssem Eddine Ben Messaoud, "A Review on the Importance of Strategic Planning in Business," SSRG International Journal of Economics and Management Studies, vol. 9,  no. 7, pp. 1-5, 2022. Crossref, https://doi.org/10.14445/23939125/IJEMS-V9I7P101

Abstract:

A company's strategic planning and management are aimed at assessing the organization's potential and defining its long-term goals to make it successful. It is usually necessary to conduct preliminary research and other preparations to prepare for strategic planning that focuses mainly on marketing and financial issues. By conducting strategic management workshops with every executive team member and ensuring their commitment and involvement, it is possible to develop a clear sense of collective responsibility among the executive team members. Preparing a detailed strategic plan can help you assess business opportunities, trends, and developments professionally and objectively. As soon as a concise vision statement has been developed, it is usually the next step to conduct an objective, critical, and realistic assessment of current performance. Identifying and evaluating strategic options for each major element of the business cannot be overstated.
         Consequently, the organizational structure of the business may also need to be reevaluated as a consequence. The financial projections for the next three to five years must be derived naturally from the strategic planning process when preparing a detailed business plan. Throughout the document, there should be a positive tone, but it should also include a realistic assessment of possible difficulties. To measure the actual performance against the plan regularly, any changes that have been agreed upon should also be reflected in the plan. This will ensure that the actual performance can be measured according to the plan.

Keywords:

Business management, Planning process, Strategic planning, Strategy implantation, Accounting, and control.

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