What leaders should know about strategic planning is critical, if they want to build stability and consistency in today’s business world. When you’re the leader of a team, whether it’s a team of 10 or a team of 10,000, it’s critical to be grounded in the present, but also to keep one eye cast toward the future. Simply put, you’re in it for the long haul. You want the team to thrive not just today, but tomorrow. That’s what makes strategic planning so important. It’s all about establishing your team and your business for long-term success.
This is one of those concepts to which most leaders give lip service… but do you really have the right, formal processes in place for shrewd strategic planning? That’s what we’re going to look at today. First, we’ll touch on the importance of strategic planning. From there, we’ll get into the ins and outs of the process.
What is Strategic Planning?
Before we get any further, though, it may be beneficial to pause for a definition. When we talk about strategic planning, what exactly are we talking about?
My basic definition of strategic planning is that it’s an activity undertaken by business leaders and managers wherein they set the short-term and long-term priorities for the organization; establish metrics and set expectations…
