The concept of Strategic planning gained prominence in strategic management in corporate sector and it has maintained its importance in contemporary times too. It follows a cycle known as the strategic planning cycle. Ex

In 1960s, the concept of Strategic planning gained prominent in strategic management in corporate sector and it has maintained its importance in contemporary times too. It follows a cycle known as the strategic planning cycle. Although, strategic planning process may be unique as per the specific requirements of any organisation, yet the Strategic Planning process contains the steps most commonly followed by most of the organisations: Deliberating mission of the organisation; Developing goals based on chosen mission; Examining internal environment (strengths and weaknesses); Examine external environment (opportunities and threats); Summarize findings of SWOT analysis; Formulate final strategy based on SWOT. Strategic planning is an iterative process and it may begin with one mission and end with another, depending on the outcomes of the process. Strategic planning can help your organization in a number of critical ways: Improved results and confidence: A proper plan may positively influence organizational performance and can contribute to a greater sense of purpose, progress and accountability among its team. Focus: Good strategic planning forces future thinking and can refocus and re-energise a disorientated organization. Problem solving: Strategic planning focuses on an organization's most critical problems, choices and opportunities. Teamwork: Strategic planning provides an excellent opportunity to build a sense of teamwork, to promote learning, and to build commitment across the organization. Communication: All stakeholders have an interest in knowing the direction in which organisation is heading and also how their contribution will fit in overall plan. Greater control: Strategic planning can provide an organisation greater control the environment in which it operates.