Business is defined as a commercial activity engaged in as a means of livelihood or profit, or an entity which engages in such activities. In other terms, a socio-economic system in which goods and services are exchanged for one another or money, assuming their perceived worth. Every business requires some form of investment, and enough customers whom its output can be sold at a profit on a consistent basis.

business strategic planning

Strategic planning is a very important business activity. There are many questions comes management student’s mind in concern with business development. What is strategic planning? Why is business planning so important and why must it be done in concert with a strategy? What is the purpose of strategic planning? Why is it necessary? What are the components of a strategic plan? Which component is the most important?

Strategic planning is an organization’s process of defining its strategy, or direction, and making correct decisions on allocating its resources to pursue this strategy, including its capital and people. Expert management tutors of AssignmentHelpNet provide quality Business Strategic Planning Help, Guidance and much more in Business Development.

Strategic planning is the formal consideration of an organization’s future course of action. All strategic planning deals with at least one of three key questions namely:

1. “What do we do?”
2. “For whom do we do it?”
3. “How do we excel?”

As the process of developing a strategic plan for a new business, it is clearly identifies the current status, objectives and strategies of an existing business or the latest thinking in respect of a new venture. Correctly defined, these can be used as the basis for a critical examination to probe existing or perceived Strengths, Weaknesses, Threats and Opportunities. This then leads to strategy development covering the following points in more detail below:

  • Vision
  • Mission
  • Objectives
  • Strategies
  • Values
  • Goals
  • Programs

The main problem with this process is that the “environment” in which businesses operate is constantly changing. So a business must adapt to reflect changes in the environment and take decisions about how to change the marketing mix in order to succeed. This process of adapting and decision-making is known as marketing planning.

Strategic Business Planning Skills:

It is important for new entrepreneurs to know business planning skills for running a business. Every business follows a plan even if it’s not written down in a document. However, developing and implementing strategic change is a key skill all business owners need. Undertaking a strategic audit and writing a business plan is the first step in this discipline.

Well, last step but not least in the process involves the ongoing management and marketing of your business. Getting a company started is only half the battle. Once you’re in business, you will need strong management tools and marketing skills in order to make sure you stay in business.

Management (MBA) students find more information regarding Business Strategic and Planning.