Strategic Planning Process
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Traditional budget planning is not sufficient to keep an organization afloat in today's market conditions. A strategic plan must be well thought out and precise. All businesses small and large will benefit from a strategic business plan. Strategic planning is defined as the process of creating a well calculated plan that implements the organizational goals and changing marketing conditions. This planning process allows an organization to focus on their objectives and to prepare for unexpected market changes. The Strategic planning process is a valuable part of a businesses operating structure. The four main components that make up the planning process are:
1.) Defining the company mission.
The company mission keeps the organization focused on their business vision; what they are trying to accomplish and their purpose. The mission statement should be used as a guide when establishing the business objectives...