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Strategic planning involves clarifying the overall purpose and desired results of an organization, and how those results will be achieved.
Strategic planning determines where an organization is going to be over the next year or more, how it is going to get there and how it will know if it actually got there.
Benefits of Strategic Planning to your business
- Helps you to identify new opportunities and potential threats. You will maximize your potential based on your strengths and weaknesses.
- Ensures improved business performance and growth: This is by setting key performance indicators to track progress and evaluate performance.
- Clear direction and focus: Help to define a clear mission and vision for the organization; define clear short term and long-term goals and set measurable objectives with defined milestones.
- Risk management: Helps identify potential risks and how to mitigate them.