Characteristics of Strategic Planning
1. Long Term Objective
Strategic planning
primarily set the long term objectives for the organization. Strategic planning
is done to place the organization on a desired position in the future.
2. Structures & Documented
A
good strategic plan is well structured & documented. The roles and
responsibilities for achieving the long term objectives are well defined &
communicated to the stakeholders. There is no ambiguity of roles &
responsibilities.
3. Based on Depth Analyses
Strategic
planning is based on the depth analyses of business and its environment. This analysis
helps management to understand the business and its environment in more details
& depth.
4. Set Future Direction
Strategic
planning is basically setting a future direction of the organization. Strategic
direction is really helpful to device corporate & operational strategies
for the organization. This direction also facilitates decision making process
within organization.
5. Integration & Team Building
Strategic
planning is helpful for integration & team building within organization.
Everyone is working in the same direction set by the management. This is one of
the major advantages of strategic planning.
6. Short Term & Medium Term plans
Strategic
plan are achieved by implementing the short term and medium term plans.
Therefore strategic planning primarily is future position of the organization,
which is achieved through short term & medium term planning.
7. Monitored & Updated Regularly
Business
is dynamic in nature; therefore a static strategic plan is not suitable.
Strategic plan is regularly updated to accommodate the changes in the
environment of business. There must be a proper mechanism of monitoring the
strategic plan implementation.
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