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Importance of Strategic Planning in Business

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PEER TASK; Week 2: Importance of Strategic Planning Process in Business

By Bukola Onomen

Peer; Bukola Onomen

From studies and research, it is known that some factors play a major role in business activities environment being of them is a major factor this environmental situation is not constant rather it is from time to time being affected by changes in the laws and regulations, global cultural dynamics economic challenges, entrants of new and existing competitors.

Strategic planning, according to Forbes, 2011;

"A strategic plan looks at all the things your business could do and narrows it down to the things it is actually good at doing. A strategic plan also helps business leaders determine where to spend time, human capital, and money.

 Further studies according to Shiner (1998, pg. 24) which states that planning is a thought action process done ahead of executing a deliberate inter dependent decisions designed to realize several desired future results. The Planning process is critically assessed and adopts the information from the major stakeholders in order to ensure the appropriate strategic choice adopted is enriched with relevant information and data, and not just based on strategic assumptions. 

The planning process also provide the business manager with an opportunity to be able to implement the plans in the strategic planning. According to Giles 9 1990page 30-31) was able to give the procedures to this strategic planning as

  • Unlock the plan,
  • Capture the plan
  • Recognizing the controversial and unorganized mass of managerial experience.

And when all of this is carefully pulled together and adopted In a business it allows the business an opportunity to withstand and scale through any sudden changes and any unexpected or an expected either pleasant or unpleasant situation.

References

Forbes, 2015: Five Steps to a Strategic Plan. Available at

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