Strategic planning as analysis and improvement process for all types of organisations

Strategic planning is an organization's process of defining its direction, and making decisions on allocating its resources to pursue this strategy. It is a systematic process of envisioning a desired future, and translating this vision into broadly defined goals or objectives and a sequence of steps to achieve them. Strategic planning is a review and planning process that is undertaken to make thoughtful decisions about an organization’s future in order to ensure its success. It is a systematic, formally documented process for deciding what is the handful of key decisions that an organisation, viewed as a corporate whole must get right in order to thrive over the next few years. The process results in the production of a corporate strategic plan. The method is not only for big businesses, as small and medium-sized businesses can equally benefit from the great profits it can produce.