The Nature of Strategic Planning Free Essay

Features and Structure of the Strategic Plan of the Company

 

Strategic plans have great meaning for the overall success of operating of any company in any sphere. They could be different in size and form, still any strategic plan should incorporate certain components. The first component is mission statement, which is timeless expression of the major aspiration and purpose for the organization. Correctly formulated mission statement addresses the aims, which should be accomplished and the ways to do it. Actually, the mission statement is used to formulate the basic reason for establishment and existing of the organization. Vision statement is a short statement, which explains how the company is expected to look like in several years period. Values statement is sometimes also called guiding principles section. It includes passionate and enduring core beliefs of the company. These principles could not be ever changed and form an integral part of the strategic foundation. SWOT is an important part of the strategic plan, as it includes the current position description, subdivided into the most important components: weaknesses, opportunities, strengths and threats. Sustaining of the competitive advantage is the key towards overall business success. Included into the plan, this point helps to remain aware of the current spheres, where the company is the most successful. Long-term strategic objectives are usually developed for the period of at least three years and help to formulate the strategic focus for this period of time and underline the options, meaningful for achieving of the vision. Not only long term perspectives are important, formulation of short-term priorities and goals should also become a part of strategic plan. Action items describe the concrete actions, which should be performed in order to reach the set aim. They are formulated for individual workers, as well as for the teams. Scorecard is included into the strategic plan with its report about the data of the key performance indicators on a monthly basis. Financial assessment is prepared in relation to historical records and future projections and helps to control the financial sphere of the organization.

References:

Sisson, Christoph. (2013). Key Components of a Winning Strategic Plan. Business Strategy

The terms offer and acceptance. (2016, May 17). Retrieved from

[Accessed: March 28, 2024]

"The terms offer and acceptance." freeessays.club, 17 May 2016.

[Accessed: March 28, 2024]

freeessays.club (2016) The terms offer and acceptance [Online].
Available at:

[Accessed: March 28, 2024]

"The terms offer and acceptance." freeessays.club, 17 May 2016

[Accessed: March 28, 2024]

"The terms offer and acceptance." freeessays.club, 17 May 2016

[Accessed: March 28, 2024]

"The terms offer and acceptance." freeessays.club, 17 May 2016

[Accessed: March 28, 2024]

"The terms offer and acceptance." freeessays.club, 17 May 2016

[Accessed: March 28, 2024]
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