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.
It is an organisational leadership and management activity that is used to:
~ The key drivers behind value creation
~ Critical challenges
~ The must-win battles
Identify an improvement portfolio of its programmes and projects
Identify and focus resources to ensure delivery
Outline how employees and other stakeholders should work towards common goals:
~ Customer satisfaction
~ Business improvement
Strategy execution is the successful implementation of a strategic plan whether you are a corporation or a SME. Strategy cannot be planned without taking it into account the organisation’s ability to execute it. The inability of organisations to effectively execute their corporate strategy is one of the major factors limiting their success. Strategic management is the widespread collection of ongoing activities and processes that organisations use to systematically coordinate and align resources and actions with mission, vision, objectives and strategy throughout an organization. Strategic management activities transform the static plan into a system that provides strategic performance feedback to decision making and enables the plan to evolve and grow as requirements and the organisation encounter change disruption.
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