Is planning necessary?

Business & Finance
Tutor: None Selected Time limit: 1 Day

Please make the answer 175 words or more. 

in her article Karin Bellantoni talks about why a company needs a strategic plan. Yet, I know many small companies that don't have a strategic plan, and they are highly successful. Why should these companies invest the time into creating a strategic plan?

 

Reference:

 

Bellantoni, Karin. (2012). Retrieved from http://blueprintsms.com/2012/04/why-you-need-a-str...

Jul 14th, 2015

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Organizations from all over the world have one thing in common: competition. In order for organizations to compete in today’s marketplace they have to have a plan of action or strategy. Strategic planning refers to a process which defines an organization’s plan to effectively allocate its available resources. A strategic plan is not the same as a business plan. A business plan tells how and why the company’s products or services will garner revenues. A strategic plan identifies the objectives, goals, direction, and opportunities within an organization and how to go about executing them.

A strategic business plan helps the company to define its mission and vision, giving the company a sense of purpose and direction that sets them apart from competitors. A mission statement also discusses the product or services conducted by the company. Developing a strong mission and vision statement clearly presents to potential and existing clientele what the company is about and what the plan is for the future. 


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Jul 14th, 2015

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