Strategic planning is an organization’s process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy. It may also extend to control mechanisms for guiding the implementation of the strategy.
The strategic planning process revolves around three main questions:
– What are we trying to achieve?
– What are our priorities?
– How will we get there?
In answering these questions, the organization must set goals and objectives, identify and assess opportunities and threats, consider its strengths and weaknesses, and develop a course of action. The resulting strategic plan provides a roadmap for the organization’s journey to its desired future state.