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Successful Strategic Business Plan

Successful strategic business planning: Core elements of a successful strategic plan


Successful strategic business planning: Core elements of a successful strategic plan

A strategic plan is a three to five-year plan that gives an organization a series of goals that can be reached through step-by-step processes. These goals have definite objectives and end products that can be implemented and evaluated (Strategic planning, 2009, FP&M). Strategic planning is meant to be the antithesis of crisis management. Instead of organizational panicking, the strategic planning process uses trend analysis and other measurements to set benchmarks for the organization based upon critical economic indicators and to anticipate potential problems. Indicators include census demographic statistics, economic indicators, government policies, and technological advances and any other information that is pertinent to the industry (Strategic planning, 2009, FP&M).

Focus and flexibility are the keys to making a strategic plan effective over the course of its duration: the plan must be focused enough so that it sets achievable and directed goals and thus channels the energies of the organization in a productive fashion, yet it also must be flexible enough to change with the needs of the environment, as no preliminary environmental analysis can perfectly predict the future.