Entrepreneurs and business managers are often so preoccupied with immediate issues that they lose sight of their ultimate objectives. That’s why a business review or preparation of a strategic plan is a virtual necessity. A sound plan should:
- Serve as a framework for decisions or for securing support/approval.
- Provide a basis for more detailed planning.
- Explain the business to others in order to inform, motivate and involve.
- Assist with benchmarking and performance monitoring.
Within a business, strategic planning may provide overall direction and strategic management to a company or give specific direction in areas such as:
- Financial strategies
- Human resource/organizational development strategies
- Information technology deployments
- Marketing strategy