These values may be captured in an organization's vision and mission statements.
Strategic planning provides inputs for strategic thinking, which guides the actual strategy formation.
Typical strategic planning efforts include the evaluation of the organization's mission and strategic issues to strengthen current practices and determine the need for new programming.
Strategic planning is a process and thus has inputs, activities, outputs and outcomes. It may be formal or informal and is typically iterative, with feedback loops throughout the process.
Some elements of the process may be continuous and others may be executed as discrete projects with a definitive start and end during a period.
wiki How's Content Management Team carefully monitors the work from our editorial staff to ensure that each article meets our high quality standards. A business plan is a document that provides an overview of your current business, outlines the results you want to achieve and details the steps you will take to achieve them.
It can be used to attract potential investors, educate potential employees, or to help you run your business in a way that will achieve its goals.The end result is the organization's strategy, including a diagnosis of the environment and competitive situation, a guiding policy on what the organization intends to accomplish, and key initiatives or action plans for achieving the guiding policy.These elements are considered throughout the strategic planning process.The term operational budget is often used to describe the expected financial performance of an organization for the upcoming year.Capital budgets very often form the backbone of a strategic plan, especially as it increasingly relates to Information and Communications Technology (ICT).This article was co-authored by our trained team of editors and researchers who validated it for accuracy and comprehensiveness.Together, they cited information from 38 references.Data is gathered from a variety of sources, such as interviews with key executives, review of publicly available documents on the competition or market, primary research (e.g., visiting or observing competitor places of business or comparing prices), industry studies, etc.This may be part of a competitive intelligence program.Inputs are gathered to help support an understanding of the competitive environment and its opportunities and risks.Other inputs include an understanding of the values of key stakeholders, such as the board, shareholders, and senior management.