When an individual or organization is establishing a business or expanding an existing business, strategic planning is an important factor to consider. Strategic planning is the management activity or a process, which will help an individual or organization to achieve its goals and targets in a business. The process should have steps, which will guide investors when struggling to achieve goals and targets, especially in today’s economic environment. The fists step is forming a planning team who will be responsible for designing and implementing the strategic plan. The planning team will consist of top leaders in the business of the board chair and other members. The planning team is responsible in scheduling meetings and the agendas to be discussed about the business ( Bryson, 2018 ). Th next step is gathering the information about the current state of the organization, economic environment, and the future goals and targets. The planning team will be responsible for gathering the information from within and outside the organization. The third step is decision-making time after the planning team has gathered the necessary information and determine the current state of the organization. The decisions made will be based on the information gathered, current state, and the future goals and targets of the organization. The planning team will provide the direction to the organization in consultation with the stakeholders through the decision-making process.
Drafting the plan is the next step, which is the responsibility of the executive management after the planning team has identified goals, targets, and strategic priorities of the organization. The draft plan will outline the new staff requirement, the timeline to implement the organization’s vision, budget to support the strategic efforts, and the priorities. The last fifth step is the implementation of the strategic planning process. The planning team will present the draft plan to the board for review and approval before the implementation of the last process ( Bryson, 2018 ). The food industry is the best example of the business that the process is important, as it offers a framework and steps, which will guide in the process of operating the business. Another step that that other industry might focus on the process is the review of the entire process after implementation. It is important for the organization to review the status of the strategic planning process regarding the success of the business as well as addressing areas with weaknesses.
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Reference
Bryson, J. M. (2018). Strategic planning for public and nonprofit organizations: A guide to strengthening and sustaining organizational achievement . John Wiley & Sons.
