Strategic planning is the managerial process of deciding on a clear goal (or set of goals) and the means by which to achieve it -- in other words: deciding on a strategy. A good strategic plan allows companies to set their priorities, effectively use any available resources, and eventually achieve their desired goals with good success. There are many different ways to … [Read more...] about What Is Strategic Planning: Complete Guide and Recommended Books
strategic planning
Strategic Planning Process in 5 Simple Steps
Strategic planning is how most successful organizations get things done. It is a relatively simple process -- just choose goals, and build a plan to achieve them. That it is simple does not mean it is obvious, though, so in this article we’ll be going over the strategic planning process. If you haven’t already done so, it’s definitely worth going over our article “What Is … [Read more...] about Strategic Planning Process in 5 Simple Steps
Ansoff Matrix: 2 Smart Ways to Use in Business
The Ansoff Matrix is a lesser-known strategic planning model that describes business growth strategies. It focuses on whether growth is driven by new products, new markets, or both, and offers insight into how risky a given strategy might be. In this article, we'll look at the basics of the Ansoff Matrix, including what it is, when to use it, and how to use it. What Is the … [Read more...] about Ansoff Matrix: 2 Smart Ways to Use in Business
2 Ways to Use PEST Analysis to Your Advantage
PEST analysis is a fantastic tool to strategically plan your business. The analysis examines four external factors (political, economic, social, and technological) to help you take advantage of opportunities and negate the effects of threats. When you’re starting a new business, expanding into new areas, or executing projects, PEST analysis is the tool you need at your … [Read more...] about 2 Ways to Use PEST Analysis to Your Advantage
PESTLE Analysis in Strategic Management
Strategic management is useful to all enterprises. It’s a system focused on planning and monitoring how corporations meet objectives. Analysis plays a key role. The core of an organization must be assessed. What strategies are used, what technologies are available, and which resources are valuable are considered along with analysis. But also how external factors will affect … [Read more...] about PESTLE Analysis in Strategic Management
Why Market Research is Important in Business Planning
Market research is the study of consumers and the industry in which businesses are conducted. It’s included in business plans. It’s the reason why so many types of analysis exist. And it’s important because it helps make decisions that benefit the company. Market research helps strategic decision making Market research comprises several elements — all of which are … [Read more...] about Why Market Research is Important in Business Planning
What You Need to Know About Quantitative Risk Analysis
Quantitative Risk Analysis explains the overall risk of a project once individual risks have been considered. Quantitative risk analysis is one type of analysis, but it usually follows after Qualitative Risk Analysis. The difference: Qualitative risk analysis identifies individuals risks. A little confusing, right? The two go hand-in-hand. But when to use quantitative risk … [Read more...] about What You Need to Know About Quantitative Risk Analysis
Strategic Planning Tools For Better Results
Strategic planning is the process through which many successful companies and individuals make decisions about future goals and the path to achieving them. If you are at all uncertain about what strategic planning is, be sure to read this article on that matter before proceeding any further with this one. Strategic planning tools are the techniques commonly used to help you and … [Read more...] about Strategic Planning Tools For Better Results
Strategic Planning Models: How to Put Strategic Planning into Action
In a recent article about strategic planning, we discussed some informal approaches to actually doing so. However, there are plenty of age-old models designed specifically for strategic planning, each of which strive to optimize your organization in a different way. This article explains the most popular of them. As a forenote, there is no single strategic planning model which … [Read more...] about Strategic Planning Models: How to Put Strategic Planning into Action
3 Competitor Analysis Tools for Strategic Planning
When starting a business, analysis is key. For instance, addressing the strengths, weaknesses, opportunities, and threats (SWOT analysis) of your business provides valuable insight for success. And examining the political, economical, social, technological and additional factors (PESTLE analysis) helps gauge current and future obstacles. But to see where your business stands … [Read more...] about 3 Competitor Analysis Tools for Strategic Planning