The Strategic Planning Process

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Dissimilar sources plan altered steps involved in the planning process, but in this case I will discuss on seven steps that are involved in the entire process. The first step is goal setting. This basically involves coming up with the main objectives and goals that the company wishes to establish within a particular period of time. It is a very important section because the company will operate with a view of the goal in mind, if it is not clearly established, and then the business could lose direction along the way. After goal setting, we have development of the planning premises, where the plans are prepared and any underlying conditions defined. This is where there is an assessment of the environment and any constraints or opportunities are identified. The third step is to come up with a review of the limitations. It is normal for a business to have some factors that might hamper the effective operation of the business, and identifying some of the factors will be beneficial in coming up with a proactive measure that can help mitigate them. Having this in mind the planning process can go to step umber four where we identify the planning period. The period should be long enough and convenient to enable the realization of the goals formulated during the first stage. There are many things involved for consideration among them time required to receive capital investments, expected future availability of raw materials, lead time in development and commercialization of a new product among others (Kuldeep, n.d.). The fifth step will be formulation of policies and strategies to govern the entire operation of the business. They should be clearly defined and must confirm to the strategies and goals of a business. The policies should ... ... middle of paper ... ...tion levels of a company or a business, and therefore managers should remember such like factors, which include environmental factors and many others (Ollila, 2010). The best way to address this is by coming up with a proactive plan right from the planning stage, and also make good decisions along the way. References Gideon H., (2007) Principles of Process Planning: A Logical Approach, Chicago: Springer Kuldeep (n.d.). What are the steps involved in Planning Process? Retrieved December 16, 2013, from http://www.preservearticles.com/201106168040/what-are-the-steps-involved-in-planning-process.html Ollila, R.G., (2010) Factors Affecting the Corporate Decision-Making Process, Chicago: The Office Press Walter, D., (2010) The Decision Making Process: The Four-Step Decision Making Process as simple way to arrive at rational decisions, New York: GRIN Verlag Press

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