Question

Compose a paper that addresses the topics and readings for this week. In your paper, provide a comprehensive explanation of the following: 1. Describe strategic planning 2. Describe the benefits of doing strategic planning 3. Describe the drawbacks of not doing strategic planning 4. What are the downfalls of doing strategic planning incorrectly. 5. Research a company or use professional experience to provide details and examples You will use the text as your guide, but you will also use outside research. Your paper should be 500-750 words and should include a least three (3) citations. The sections should be clearly marked with headings so your instructor knows which points you are addressing. Following the guidelines for APA writing style. The title page and references page do not count towards the minimum word amount for this assignment.

Answer 1

A strategic plan for business purposes is a set of clearly defined, long-term goals created by setting objectives and priorities. It shapes and guides who, what, when, why and how an organization’s mold or structure impacts the progression of its future.

The overall goal of a strategic plan is to transition static goals into clearly defined and easily digestible objectives through strategy.

Forbes mentions five topical steps for creating a strategic plan; however, there are a few more specific aspects to focus on when creating a strategic plan which includes a:

• Mission statement which should clearly express the general embodiment of the organization. It should strive to answer who you are and why you do what you do.
• Vision statement that shares the direction of the organization in brevity.
• Value statement expressing the passions that drive and guide the overall decision making patterns of the organization.
• SWOT analysis that depicts the organizations strengths, weaknesses, opportunities, and threats.
• Comparison between the organization and its competitors.
• List of long and short term goals that the company wishes to perform.
• Strategic method on how the organization will reach its goals.
• Financial assessment that takes a snapshot of previous records and future goals.

Here are some of the benefits that may occur as a result of strategic planning.

• makes the management of an organization easier by providing a framework and a clearly defined direction for decision-making.
• establishes a uniform vision and purpose that is shared among all members of the organization and helps them pull in the same direction.
• works to create an increased level of commitment to the organization and its goals.
• can result in improved quality of services for clients and a means of measuring the service.
• helps everyone in the organization with setting priorities and matching resources to opportunities.
• increases the ability to deal with risks from the external environment.
• improves the decision-making in a number of different areas, including human resources (recruitment, selection), training departments.

Limitations of Strategic planning

A Complex Process

Strategic management involves continuous assessments of critical components, such as external and internal environments, short-term and long-term objectives, organizational structure, and strategic control. These components are interrelated, so a change in one component may affect other areas.

Time Consuming

Managers spend a great deal of time preparing, researching and communicating the strategic management process, which may impede day-to-day operations and negatively impact the business. For example, managers may overlook daily issues needing resolution, and inadvertently cause a decrease in employee productivity and short-term sales.

Difficult to Implement

The implementation process requires a clearly communicated plan, implemented in a way that requires full attention, active participation, and accountability of not only company leaders, but also of all members across the organization.

Requires Skillful Planning

Although strategic plans help reduce uncertainty in meeting long-term objectives, the planning process itself provides opportunities for missteps. An organization needs to anticipate the future, which involves various degrees of change as well as risks.

A strategic plan for business purposes is a set of clearly defined, long-term goals created by setting objectives and priorities. It shapes and guides who, what, when, why and how an organization’s mold or structure impacts the progression of its future.

The overall goal of a strategic plan is to transition static goals into clearly defined and easily digestible objectives through strategy.