5 Steps of Strategic Planning (2024)

Fundamentals of Strategic Planning

Many businesses operate without a formal strategic plan. This can be due to a number of factors, including lack of understanding about the benefits of strategic planning, or feeling that the process is too time-consuming or complicated. However, as this article will show, taking the time to develop a strategic plan can pay off in big ways for your business!

00:00 Fundamentals of Strategic Planning
00:23 What is Strategic Planning?
01:17 Importance of Strategic Planning
01:58 What is the difference between a Strategic Plan and a Business Plan?
02:48 How to Create a Strategic Plan?
03:49 The Benefits of Strategic Planning
04:41 Implementing Your Strategic Plan
05:13 Monitoring and Adjusting Your Plan
05:57 If you fail to plan, you plan to fail
06:34 Take your company to the next level

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What is Strategic Planning?
Strategic planning is an important tool that businesses use to set themselves up for success.

By taking a big-picture view of where the company is currently and where it wants to be in the future, strategic planning can help businesses make decisions about which products or services to pursue, what markets to target, and how best to allocate resources.

While there is no one-size-fits-all approach to strategic planning, there are some essential elements that all successful plans should include. In this article, we'll take a closer look at what strategic planning is and some of the key components that make it work.

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