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Components of a Strategic Plan

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Submitted By fletcher1985
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Components of a Strategic Plan
Every business has to have some type of plan that they will follow to reach their goals. This process is called strategic planning. Strategic planning decides what direction an organization is headed in approximately two years, how is the company is going achieve that goal, and how it will know if it has reached it or not. The strategic plan involves the entire organization. There are different approaches used in strategic planning. These include the mission, the objective, the strategies, and portfolio plan. The success of a company depends on the executive team and other employees’ hard work.
Mission
“A company's mission is a constant reminder to its employees of why the company exists and what the founders envisioned when they put their fame and fortune at risk to breathe life into their dreams.” (Mission statement toolkit, 2012) A company’s mission can be helpful for organizational development. An organization that examines its mission has a better chance to increase its purpose and productivity. Policy, management, and practice decisions originate with the mission statement. Owners and managers of companies should stress the importance of the mission statement to employees, which refines primary and measurable intentions of the organization. Strategic planning brings changes to the mission statement, which may shift the company in a new direction. (Ehlinger, 2012)
Objectives
Business objectives are a way for an organization to define its goals and management. A company uses different strategies at different levels of operation to attain its purpose.
A company will distribute their resources through what strengths, weaknesses, opportunities, and threats it may have. Once applied, a business objective is not changed. Regulating a positive course for an organization is the key to success. A business objective shows what a…...

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