Strategic planning is an important subject in business management and entrepreneurship. It is the way to set organizational priorities, provide resources in different sectors, finding scientific ways to strengthen operations, and many other things with common organizational issues and targets. Strategic planning is aimed to formulate the best utilization of organizational resources and enhance human resource capability. Students are given management assignments on different topics of strategic planning which sometimes create huge problem-consuming time and energy but resulting in poor grades. This is when the expert online assignment writing help of Assignment Hippo becomes very useful. We provide top-grade writers who are providing develop and implement strategic plans assignment help and extremely good in writing BSBMGT616 develop and implement strategic plans assignments and university level assignments.
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What Is Strategic Planning?
The business environment is too volatile; what is relevant today becomes obsolete or backdated tomorrow. So, strategic planning is extremely important these days which can make a brand stable in the market and keep the brand loyalty of the existing customers intact while creating a competitive advantage for the concerned business. So, in its simplest form, strategic planning is a planning process that provides a candid way that the organization needs to adapt to achieve its target through a planned day-to-day activity. This provides necessary information and instruction to the departments and responsible employees on how they should act and how they should drive their group for the best possible coordination and meeting their respective targets.
Steps In Strategic Planning
There are various frameworks or methodologies in strategic planning, following are the most vital steps:
Step 1: Analysis of the current condition of the organization is the first step in a strategic planning process. This helps to understand the current weakness, weaker areas, and reasons behind such weakness.
Step 2: Creation of a strategic management team with the top managers, employees, and consultants. This team takes responsibility for the strategic planning process. They take into account current weaknesses and what the management is expecting.
Step 3: Strategic planning documentation is the process when the above-mentioned team develops the plan and shows the top management how to implement that plan?
Step 4: Taking feedback is another important part of the strategic planning process where the team responsible for the same takes note of the reaction of the employees. They also mark the problematic areas, if any.
Step 5: Changes required if any are done with all necessary protection and all information is provided to the top management.
Though the basic framework remains the same, the process may change depending on the business environment and experience of the management. In many situations, the entire responsibility is given to the external consultants.
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