Write a short note on Strategic Planning in International Business Management
Strategic planning involves the structured efforts of an organisation to effectively recognise its purposes for existing, the direction that the organisation will pursue, and how that direction will allow the entity to achieve its short-term and long-term goals. Strategic planning is an important element in all kinds of organisations and is applied by governments, non-profit agencies, individuals and businesses.
A simple approach to strategic planning is as discussed below:
1. The first step is to accurately assess where the entity is today, with respect to its ability and resources.
2. The second step is to recognise where the organisation would like to reach at some specific point of time in the future, by efficiently setting goals and objectives that it needs to accomplish.
3. The third and final step engages choosing how to successfully progress from the conditions of today and methodically work toward those goals in a structured and logical manner.
During the strategic planning process, experts employ many ways, and sometimes break down each process into a series of steps. The complexity of the exact approach used frequently comprises of the nature of the organisation, the kind of goals laid down and the resources needed to attain those goals.
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