Organizations use strategic planning as a process whereby they can identify their goals, the necessary strategies to accomplish those goals and create an internal performance management system that will be used to monitor and evaluate progress. A variety of analytical tools and techniques that were developed by management consulting firms are used to help provide a framework for strategic planning. It is a process of documenting and establishing a direction of the company by assessing where it is and where it’s going. Strategic planning is an opportunity to identify the mission, vision and values as well as the long-term goals of the business in addition to the action plans that need to be taken in order to reach the desired status. A well-developed strategic plan plays a vital role in the company’s growth and success as it tells the management and the employees how best to respond to opportunities and challenges.
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