Strategic Planning (original) (raw)

Finance Director's Handbook, 2009

Abstract

Publisher Summary Strategic planning and management is used to assess the potential of the business and define its long-term goals. Strategic planning usually focuses around key marketing and financial issues and it usually involves a considerable amount of preliminary research and other preparation. Strategic management workshops can be used to secure the commitment and involvement of every member of the executive team, and to develop a clear sense of collective responsibility. The preparation of a detailed strategic plan provides an opportunity to carry out an objective assessment of potential business opportunities, trends, and developments. The process usually begins with the development of a concise vision statement and the next stage involves an objective, critical, and realistic assessment of current performance. Strategic options should be identified and evaluated for each major element of the business and for the business as a whole. For this, the organizational structure of the business may also need to be reconsidered. The preparation of a detailed business plan should flow naturally from the strategic planning process and it should turn the overall vision into more detailed financial projections for the next three to five years. The tone of the document should be positive; however, it should also include a realistic assessment of potential difficulties and how these would be handled. Actual performance should be measured against the plan on a regular basis and the plan should also be updated to reflect any significant changes that have been agreed.

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