Strategic Business Planning Models

Strategic Business Planning Models-6
In business, the term "financial plan" is often used to describe the expected financial performance of an organization for future periods.The term "budget" is used for a financial plan for the upcoming year.Strategic planning became prominent in corporations during the 1960s and remains an important aspect of strategic management.

In business, the term "financial plan" is often used to describe the expected financial performance of an organization for future periods.The term "budget" is used for a financial plan for the upcoming year.Strategic planning became prominent in corporations during the 1960s and remains an important aspect of strategic management.

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A strategic plan may cover multiple years and be updated periodically.

The organization may use a variety of methods of measuring and monitoring progress towards the strategic objectives and measures established, such as a balanced scorecard or strategy map.

There will also arise unintended Outcomes, which need to be attended to and understood for strategy development and execution to be a true learning process.

Simply extending financial statement projections into the future without consideration of the competitive environment is a form of financial planning or budgeting, not strategic planning.

Strategic planning activities include meetings and other communication among the organization's leaders and personnel to develop a common understanding regarding the competitive environment and what the organization's response to that environment (its strategy) should be.

A variety of strategic planning tools (described in the section below) may be completed as part of strategic planning activities.

Capital budgets very often form the backbone of a strategic plan, especially as it increasingly relates to Information and Communications Technology (ICT).

Whilst the planning process produces outputs, as described above, strategy implementation or execution of the strategic plan produces Outcomes.

Other inputs include an understanding of the values of key stakeholders, such as the board, shareholders, and senior management.

These values may be captured in an organization's vision and mission statements.

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