Not all companies engage in strategic planning, some of them view it as an unnecessary distraction from day-to-day activities. Most companies recognise the benefits of strategic planning, so what are they? Strategic planning helps organisations identify risks. When risks are identified, they can be managed.
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Think of it this way: your business is an asset in which you have invested money. It has a revenue stream that supports your salary and possibly a sizable distribution of yearly profit. It should be increasing in value so that when the time comes, you will be able to harvest additional wealth. Planning an exit strategy is the most commonly overlooked consideration of a business strategy, yet the exit strategy plays a key role in determining the strategic direction for your company. By not proactively planning an exit strategy, business owners, their heirs or their successors may find that future options are limited.
A strategic plan is a document that establishes the direction of an organization. It can be a single page or fill up a binder, depending on the size and complexity of the business and work. Most managers can benefit from having a strategic plan. The process of developing a plan helps the manager and the team step back and examine where they are, where they want to go, and how they are most likely to get there. There are seven basic elements of a strategic plan.
The benefits that can accrue from strategic planning but don't always due to poor planning or poor implementation, come in a range of shapes and colors. The organization, workunits, managers, supervisors and employees can profit from having a good strategic planning process, and a good strategic plan available. Since then Robert has trained thousands of employees to deal with angry, hostile, abusive and potentially violent customers. He has authored over 20 books on various subjects, many published by McGraw-Hill.
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