A process pursued by organizations through several processes and procedures, to be able to reach the state that is foreseen by the management of the company is sent for strategic planning. The future course of a company is determined with the assistance of strategic business planning.
The key steps in the strategic planning procedure will comprise of plan development, testing, execution and the maintenance stage.
Development of the Plan
This step in strategically planning is subdivided into four stages i.e. formulation of mission, vision, business strategy development and modeling.
Testing the Plan
This stage of strategic planning implies operation audit and gap analysis.
Implementation of the plan
This stage of the planning procedure deals with implementation of the plans organized by the company. It is checked up on whether there is a consensus among employees in pursuing a set plan. It can also be checked up on whether the programs affect the inter-functional performance of different departments. Human capital planning is a part of the implementation phase. It emphasizes on the importance of having the right people at the right statuses in a business. The Balanced Scorecard is a method used to monitor the effectuation of job strategies. It checks out the consequences of methods and commercial enterprises followed in implementing commercial enterprise strategy.
Maintenance of the plan
It is a rather feedback system which helps in taking disciplinary action to handle troubles in the planning process.
Planning helps in conforming to the aims or goals of a business in an efficient manner. The plans that are prepared also help in supervising the implementation of a task. Thus, strategic planning is a significant activity from the point of view of the development of a corporation.