Importance of Strategic Planning Essay

The atrophied bank line I would give care to start would be a candy store. This write up will define strategic counsel, be after and explain why a strategic plan is Copernican to the success of this business, and explain the four functions of solicitude relative to creating and implementing a strategic plan. strategical Management is the metrical foot for a companys vision and allows a company to be ready to capitalize on opportunities. strategical anxiety is a process of evaluating a companys mission, establishing the companys design, exploitation the companys organization and relationships, and guiding the companys plan to execution to ensure that the management is consistent with the companys strategy. Strategic management similarly enhances or protects the companys interests and defines the commission a company wants to expand or focus. Strategic management if often overlooked and should be the branch step in defining a companys core values, mission, and product fo cus (Fazzini, 2008).Strategic planning is so important to the success of my business. Its size is what makes strategic planning so important because it manner growth from small to a thriving international corporation. This is basically a growth plan. Meaning where rise it be 3 age from now or 5 years or 7 years from now. First he or she must focus on gathering data about the familiar and external environment of their company. He or she must also consider outside socio-cultural factors and inside factors, including management style and workforce (Strategic Planning, 2007).One of the almost important factors is having goals for your company. Make sure your goals are attainable and valid follow the SMART rule specific, measurable, attainable, realistic, and time-bound. By following this rule, it makes goals attainable.By being the owner, I have the yeah or nay when it comes to decisions. However, in order to have a successful business, your employees should have a order in som e decision-making. This ensures that the company works to jumpher to obtain set goals.Finally devise an swear out plan. List possible and specific courses of action and then choose what all you deem as most suitable. Define a schedule for everything but also give leeway for unexpected delays. During this time also set a budget.PlanningPlanning is a function where managers work together with others in the organization towards a vernacular goal. Whether the goal is to increase profits or retaining employees is not the point. Working together and coming up with a plan to achieve that goal is. To be competitive in a local or globular economy you subscribe to begin by coming up with goals and create a plan on how to achieve them. Some time change is takeed in leadership. Goals may take on to be changed and updated from time to time. The planning stage will help in laying out these goals and the steps the organization will need to follow.OrganizingOrganizing an organizations resou rces is the next step toward success for any management team. What can a business offer to attract employees, how can they acquire the financing they need, or what are the proper materials needed to get the project off the ground? These are but a few of the questions that need to be answered during the organizing phase. every the resources need to be organized so they can be used to the companies highest potential. If a company has tight financial backing but fails to offer incentives to retain their employees will fail in the end.The employees are who lay aside a company running. It is such a waste to spend the time and money to tick an employee, then turn around, and offer nothing else but a pay check. Employee benefits and regular training are a few beginning incentives to keep employees interested in staying with your company. If the employees are not happy they will last go somewhere else and the company will have to spend more money to hire and train more employees to rep lace the ones that left.LeadingLeading people towards doing their best is a skill greatly needed in management positions. Helping coworkers to achieve the goals and programs of the company through two-way communication can help employees feel like their contributions have meaning and will be considered. Management that leads theemployees to contribute will have a give way chance of success than a company that tells and expects the employees to blindly follow. The employees see the daily function of the organization. Many times he or she sees what does and does not work before management does. Management needs to take this data and use it to lead the company.ControllingEven with planning, organizing, and leading, you still need to exert some control to keep things on track. Managers need to know what it going on in the organization and be able to make changes when needed. A manager can also exert too much control over a situation by not helping the employees to think and work throu gh a problem that may have arisen. A company that encourages its people to think is a company that will be able to succeed in the long run.As important as planning, organization, leadership and control are in a company, you need all these functions for the company to succeed in the business world. You cannot have planning and leadership with a small amount of organization and no control and expect things to work out well. Each function depends on the others to support and carry the organization. A successful company implements all four functions and uses the managers and employees to the best of their abilities.ReferencesFazzini, D. (2008). How to Define Strategic Management. Retrieved July 6, 2008, from http//www.ehow.com/how_2364537_define-strategic-management.html?ref=fuel&utm_source=yahoo&utm_medium=ssp&utm_campaign=yssp_artStrategic Planning, (2007, March 15). Why Strategic Planning is Important Even for low-toned Businesses. Retrieved July 7, 2008, from http//smbconsulting.wo rdpress.com/?s=Why+Strategic+Planning+is+Important+Even+for+Small+Businesses&submit=