What you need to know about Strategic Planning and Strategic Thinking , and how to acquire the Skills.
Strategic Planning and Strategic Thinking are essential components of successful business management, but they differ in approach and purpose. 1. Strategic Planning is a formal process that involves setting long-term goals, defining the steps to achieve them, and allocating resources accordingly. It’s structured, analytical, and often focused on the future. Strategic planning typically includes: - Identifying a company's vision, mission, and values - Setting specific, measurable objectives - Creating actionable plans (tactics) for reaching these objectives - Monitoring progress and adjusting plans as necessary Example: A company decides to enter a new market over the next five years. Strategic planning would involve conducting market research, defining specific milestones, creating a budget, and detailing actions to penetrate that market. 2. Strategic Thinking, on the other hand, is more of a mindset or ongoing process use...