Strategic Planning
Financial Dictionary — Business Strategy
Definition
Strategic planning is a process in which an organization's leaders define their vision for the future and define their organization's goals and objectives. The process involves determining the sequence in which those goals must be achieved in the most efficient and reasonable manner so that the organization can reach its stated vision.
Use cases, Example & Why it matters
Use cases
- Used in planning, organizing, and controlling business operations.
- Used when setting KPIs, policies, procedures, and improving processes.
- Used when setting KPIs, policies, procedures, and improving processes.
Example
- Example: Management applies **Strategic Planning** when designing policies and monitoring performance against targets.
Why it matters
- Why it matters: Improves execution, accountability, and decision speed while reducing operational waste.