Strategic planning is a process in which organizational leaders determine their vision for the future as well as identify their goals and objectives for the organization. The process also includes establishing the sequence in which those goals should fall so that the organization is enabled to reach its stated vision.
The five stages of the process are goal-setting, analysis, strategy formation, strategy implementation and strategy monitoring.
The purpose of strategic planning is to set overall goals for your business and to develop a plan to achieve them. It involves stepping back from your day-to-day operations and asking where your business is headed and what its priorities should be.
Objectives include baseline performance, targeted performance, and an established date for achieving the objective. Any example of a strategic plan must include objectives, as they are the foundation for planning.
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