Factors to Consider in Strategic Planning

Business Strategy

INTRODUCTION
 Strategic planning has gained a huge success in past years. To formulate the
best strategy, assessment of organisations mission, vision, objectives, goals
and its core competencies is very essential part.
 Every organisation has some unique qualities and capabilities that have to
considered while formulating a strategy, so that they may result in full
utilization such competencies during implementation process.
 Plan must be formulated, after evaluation of business environment through
techniques, such as SWOT and PEST analysis.

1.1 Assessment of business mission, vision and
objectives, goals and core competencies in
strategic planning.
 Strategies are made with the purpose of practical planning keeping in mind
the purpose of business. Composition of strategies are intended to formulate
organisational structure, thus, mission, vision, objectives, goals are
articulated.
 Next step is to positively move towards the goal to keep employees engaged
and motivated towards long term objectives, vision and mission. Strategic
planning is not a one time process, it is continuous Main component of
strategic planning is 'change', hence, plans are created out of organisational
need and other plans are formulated gradually.

CONTINUED
 Mission and Vision statements are important in communicating goals and
objectives to the employees.
 Mission statement focuses on the current goals of an organisation which has
to be primarily achieved. During strategic planning, a new direction is
presented in front of the employees.
 Likewise, Vision statement describes the organisation's purpose, also
describes the values of organisation. It gives direction to organisation for long
term goals, requiring strategic planning. .