What is strategic planning in business, and how does it influence growth?
Strategic planning is the process of defining a company’s direction and making decisions on allocating resources to pursue that direction. It directly influences growth by aligning efforts and minimizing risks.
Key elements of strategic planning:
Vision and mission development
Setting long-term objectives
Environmental scanning (SWOT, PESTEL)
Resource allocation
Monitoring and control mechanisms
How it drives growth:
Provides a clear direction for expansion
Aligns departments towards common goals
Enables proactive responses to changes
Prioritizes initiatives with high ROI
Builds a competitive advantage over time
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