Strategic Planning

A process of defining an organization’s long-term goals and developing a plan to achieve those goals. It involves assessing the organization’s current situation, identifying strengths, weaknesses, opportunities, and threats, and setting priorities and objectives for the future. Strategic planning typically involves gathering input from stakeholders, including customers, employees, and shareholders, and may involve extensive data analysis and market research. The resulting strategic plan provides a roadmap for the organization to follow, outlining the steps necessary to achieve its long-term goals and objectives. Strategic planning is an essential component of successful business management, as it helps organizations align their resources, activities, and decisions with their long-term strategic goals.

Strategic planning in business coaching involves developing a long-term roadmap for a company to achieve its goals and objectives. A coach may work with a company to assess its current position, define its vision, and identify opportunities and threats in the market. Together, they would develop a strategic plan with specific goals, objectives, and action plans, and regularly review and revise it as needed. For example, a coach may help a company develop a strategic plan to expand into new markets or diversify its product line, taking into account factors such as customer demand, competition, and available resources.

Strategic Planning DEFINITION:

1. Process of setting goals, developing strategies, and outlining action plans to achieve desired outcomes. 2. Systematic and structured approach to defining an organization's direction and making decisions on allocating its resources to pursue that direction.