What is Strategic Planning? How to Develop a Process for Startups

What is strategic planning? Developing a strategic plan means defining your business goals and establishing how you will achieve them. Your strategic plan should encompass all functions of your business, and all areas of the business must participate at a detailed level for your plan to be successful. You also need to monitor progress and adjust your plan as needed. Here are three benefits of strategic planning: It enables your business to move faster, because you know you're headed in the right direction. It empowers employees. When everybody on the team knows what needs to be done and how to do it, they can spend less time in meetings and more time working towards their goals. It helps you determine your success or failure based on defined metrics, not gut feelings. In this video, York IE CFO Janelle Gorman answers the question "what is strategic planning?" and walks you through the strategic plan development process. You'll learn about the internal and external forces that could affect your plan, plus the key components you need to include. Gorman also explains how to frame your thinking using the Hoshin Kanri Strategic Planning Model.

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