Strategic Planning
The strategic planning process involves an understanding of the organizations strengths & potential and matching these with the market. The plan thus conceived will usually be a multiyear summary of Financial, Operational & Market Related goals, each backed by detailed workings in terms of resources, milestones, functional responsibilities etc. This provides a clear pathway toward achieving the organizations mid to long term objectives disaggregated into smaller periodical and functional goals. This enables quick action to identify and correct deviations that may (and are bound to!) arise during the journey.
The strategic plan is the North Star that guides all organization activity towards a common objective. It, therefore, not only captures what needs to be done but also what should not be done!