Strategic Planning: Analyzing the Efficiency and Impact on Business

This report delves into the concept of strategic planning, examining the debate surrounding its efficiency. It explores whether strategic planning is a worthwhile investment of time, or a wasteful exercise. The report defines strategic planning and its importance in setting organizational goals, and discusses its relationship with performance management. It presents arguments supporting strategic planning, such as its role in achieving objectives, enhancing agility, and serving as a communication and marketing tool. The report also addresses the counter-arguments, acknowledging that strategic planning may be perceived as time-consuming. It emphasizes the advantages of strategic planning, including its ability to improve customer retention, optimize resource allocation, and boost operational efficiency. The report concludes that strategic planning is not a waste of time, as it provides numerous benefits to organizations and assists in achieving various objectives. The report emphasizes the importance of applying strategic planning continuously and efficiently.

THE PACE OF CHANGE STRATEGIC PLANNING IS A WASTE OF TIME

A plan which describes the detail information regarding the mission, leadership vision of the
future and the details regarding the manner in which methods will be applied for attaining the
goals can be said as a strategic plan. An efficient strategic plan can be specified as a roadmap
for future goals; thus the same requires to be necessarily committed to its implementation
within the organization in the manner in which it was developed. A discussion regarding the
comment “the pace of change strategic planning is a waste of time” has been discussed in
detail. The report ends up by providing a conclusion that whether strategic planning is
essential tool or waste of time.
Concept of strategy planning
Gary Johnson put it in another way, in competitive edge a business having strategy with
stable reactiveness, appear as a turn of phrase; and strategic agility plan will assist them to
become more competitive. Shadreck Saili stated that long-term strategic planning might still
be relevant to an extent, monitoring and measuring regularity of strategic plan is an essential
aspect to consider.
Edward Hare said that organization must do break up with their old habits of using planning
as a traditional procedure which is operated at reasonable intervals. From my point of view,
tools and techniques for traditional strategy can continue to give information regarding
decision making of strategic direction. However, they are required to be practised to promote
liveliness instead of using the ways that will result in barriers to versatile resource
reallocation or to satisfy quick evolving opportunities of customers. For instance, by strategic
forces that hacks instead of being a part of long-term strategic planning on an annual basis
and offer more efficient, constant growth like performing things quickly and
correctly(Wheelen and Hunger, 2017).
It is a very significant relationship of strategic planning with performance management.
Performance management is based on goal setting and achieving them at the level of
employee, further determining and resolving barriers regarding attaining those objectives
(Percy, 2014). The question is, from where these goals come? That is the question from
which strategic planning is born. Strategic planning is a company’s concept, and its own
operating units describe the objectives. Reversely, these objectives help in identifying and
analysing the goals of all employees in a workplace. It has been assessed that strategic
planning is known as cascading of goals. Everything was done appropriately, the setting of
each employee goals must depend on the specific workplace goals, and from planning these

goals are achieved. Individual goals must be set once the workplace goals are established.
The business will be unsuccessful if there is lack of strong and integrated strategic planning
(Smith, 2013).
As per above literature it can be said that strategic planning is not waste of time and further
reason to support this argument is as follows:
Reason why strategic planning is not waste of time
 Helps in attaining objectives: A good team is the result of efficient members. It is
necessary that each member should know what is required to be achieved and the
manner of same. In case the team members are provided with the essence of
ownership, they are encouraged to accomplish their objectives with efficiency.
 Makes you lively: Strategic planning is revisited and amended as per requirements on
reasonable intervals. In case the plan is appropriately mapped out it gets easy in
delivering a pace to responding required developments.
 It’s an efficient, communicative and marketing tool: It provides a common language
to the whole team; which provides transparency to the team members regarding the
plan which requires being followed for attaining predetermined objectives. In
accordance with the study of Haines (2016), it is also an appropriate manner for
sharing aim with stakeholders, investors and other members of the company.
Analysis of strategic planning
I have read some articles regarding the confliction on the time investment and sources in
strategic planning; I had a belief that failing to plan result in planning to fail.
‘Planning’ this term juggle up several oppressive images that are not suitable for the modern
rapid developing and innovating markets. Just think about the 1980’s style business plans,
though they are complex and had laboured over by emerging SME to induce banks to provide
them loans and self-indulging blue chip companies who make spending and give efforts on
over consultants, just to that report that nobody gives attention to.
Although, those who believe that planning leads to wastage of time while the market changes
or the plans are limited and no experience regarding the new procedures for strategic
planning. Away from all these conflicts and arguments, you’ve definitely heard about that
why planning is worth it in business and investments, for better understanding, there are 3
reasons provided why an advanced measure to strategic planning will assist in developing
your business:

You hold a buy-in from group managers who will assist your business in achieving its desired
goals and objectives:
If your team members are inclusive of contractors, investors, colleagues make then engaged
in the process of planning. Further you will move on in accordance with a shared objective.
The team is required to understand everything that what the company really wants to achieve.
In case they are assured that they are working in the required manner and a sense of
ownership is provided to them than they will be encouraged to deliver the required efficiency.
Strategic Management is a complex yet huge concept that continued to be growing since it
was implemented. There is so much to discover, however, there might be several
disapprovals and arguments on the concept itself. It is considered as a helpful tool in
managing a business, and it organizes and maintains things such a way that they run
effectively on track. It offers quality guidance and assistance to a business on their critical
stages, providing structure for each decision of business while delivering as company defence
tool against threats, difficulties as well as on own faults. Further, strategic management assist
company to develop definite competencies and competitive edge that will help in the fight of
continued existence and development. Be practical instead of reactive while tackling future
organizational goals, as it will help the business to manage things with a quirk of the
environment and stay amendable with uncertainty or turbulence future. Further, making it
possible for a business to its fortune in such a way that it will be able to achieve its goals
mission and vision.
Advantages that can be gained through strategic planning
It will make you more alert and responsible:
Plans are not the readymade; they need efforts and effectiveness, strategic planning must be
done rapidly and revisited continuously. Plans are totally based on your thinking and
understanding and are inclusive of amalgamation of things which are in and out of a
business’s control. By considering this aspect, planning provides a foresight and alertness that
serves pace while responding to growth and development.
It is an amazing tool for communicating and marketing:
It offers each and every one a familiar language, simplicity and clarity that will result in
better communication and thus will make working together easier. It is one of the greatest

ways to share and communicate with colleagues, investors and stakeholders. Therefore they
will induce and recommend reaching your objectives.
Strategic planning ideas and concepts of long-term planning will be an essential part of
management. However, they might require a considerable rethinking if they want to stay
relevant. For instance, they are required to be applied carefully and selectively, relying on
things such as industry, competitive nature and the changing speed of company’s
environment. A question has been put that, whether an enough group of manager is ready to
perform the same. Hence, there are the outcomes leading while reading responses at the end
of the month. Huw Morris was one of those suggesting editions. He gave a response to
existing concepts of strategic planning as reliable, although he gave a warning that they
require driving agility. For instance, he said that, by strategic forces that hack instead of being
a part of long-term strategic planning on an annual basis.
Customer Retention
In accordance with More Business, if the business does not have an effective business
planning and strategy, it will lose its customers, as the customer will not get better services.
Make a program that will follow up customers and remain in touch with repeat it to ensure
that that the products are working as expected or not. Make sure that salesperson contact
customer once in a month to take feedbacks and reviews from the customer and search new
means to assist customers with the product, if they have any problem. If the customer faces
any problem, there must be an established and well-organized strategy for customer service in
order to make up the problem of the customer. The process of customer following up and
effective customer service strategy are vital to boost sales revenue and customer retention.
Applying Resources in an appropriate manner
In accordance with the online educational resource Quick MBA, an effective business
strategy can look upon the organization resources that they are running effectively or not.
Organization resources examples are inclusive of reputation, loyalty in the market,
production process, company patents and logistic resources like warehousing and delivering.
Prepare business strategies that use all the resources of the company to assist the business in
face competitiveness and innovate new products and services that manage or enhance market
shares in the sector and offer business owners control on improving technology in the sector.

Unproductive utilization of resources might result in company loss, customer loss and market
share loss.
Enhancing the level of operation of company through Strategic Planning
Gaebler recommends that an effective business has an element which is the capability to
discover business opportunities beyond the scope of usual business practice assist in
encouraging business expansion. By promoting dynamic marketing and industrial research
with strategic planning aims on frontiers of new companies, assist by opening up new ideas
for the business that can be slackly connected with the existing business (Rothaermel, 2015).
For instance, a company of computer repairing might explore an opportunity to also be a
provider of Internet services, after the research with the clients of the company. The
expansion is considered to be the most significant way to maintain a competitive edge in the
market.
In accordance with the study of Hill, Jones and Schilling (2014), strategic planning helps in
setting long-term goals and mission. If everything is done as expected, it assists companies in
selecting the yearly action steps. Along with good communication plan, it will engage all the
activities of shareholders and employees in the mission where the company is headed.
However, in a static environment, no business can exist. Economic, political and social trend
rapidly affect on products and programs. Improvements in technology drive new expectations
and opportunities, and demographics are changing in and around the world. We took a look at
six models of strategic planning and the requirement to reassess the plan and changes as per
need. That is how company amends changes, new opportunities and information. The
business desire to change is all it takes, to assess the environment in the marketplace, diverse
perspectives and potentials to attain mission and vision.
The above study concludes that strategic planning cannot be said as a waste of time as it not
only serves various purposes to the managers or administrators of the organization but also
assists in attaining various objectives of the organization. It has been analyzed that virtually
everyone has applied this technique for accomplishing his objectives, but the advantage of
same is gained only by them who have applied it on a continuous basis and that too with
efficiency. An administrator is required to be smooth and glib for putting a good impression
on the other member of working team. A strategic plan provides guidance for achieving the

future objectives which comprise benchmarks, a summary of responsibilities of employees,
budgets and timetables, and thus it becomes easy for attaining goals of the company.

REFERENCES:
Hill, C.W., Jones, G.R. and Schilling, M.A., 2014. Strategic management: theory: an
integrated approach. Cengage Learning.
Percy, L., 2014. Strategic integrated marketing communications. Routledge.
Rothaermel, F.T., 2015. Strategic management. McGraw-Hill Education.
Smith, R.D., 2013. Strategic planning for public relations. Routledge.
Wheelen, T.L. and Hunger, J.D., 2017. Strategic management and business policy. Pearson.