Strategic planning basically is the ongoing organizational process of making use of the available knowledge for the purpose of documenting the intended direction of a firm. This process is ideally used for the purpose of effectively allocating resources, prioritizing efforts, aligning employees and shareholders on the goal of the business, and making sure that these goals were backed by sound reasoning and data. Professionals like Michael Saltzstein can considerably aid companies in the process of strategic planning.
Strategic planning, it its very essence, refers to planning for business strategies and implementing them with the aim of achieving organizational goals. This entire process helps in understanding where a company actually stands, and where it should progress in other to manage threats and exploit opportunities efficiently, based on the weaknesses and strengths of the firm. In many ways, strategic planning can be considered to be a thorough self-examination of a business in regards to its goals and the means of its accomplishments, so that a business is provided with both cohesion and direction. Strategic planning is needed by all companies to formulate and implement plans that are geared towards optimizing goal achievement, based on the relevant internal and environmental conditions. Even though long-term planning might not always be equipped to absorb certain external shocks, with the help of strategic planning, a company would be in a better position to anticipate and absorb many important risks. To make sure that this process is executed with utmost competency, contacting professionals like Michael Saltzstein will be a smart move. He is a visionary leader of global risk services, multi-line claims, risk financial structures, as well as strategic planning.
One of the biggest advantages of strategic planning is that it contributes to the creation of a singular, forward vision that can aid align a company to its shareholders. One can created an augmented sense of responsibility throughout the business, by making everyone aware of the company goals, why and how they were selected, and what can be done to actually achieve these goals. Such an approach can also have certain trickle-down effects. For example, in case a manager is not clear on the strategy of a company or the reasoning needed to craft it, people would make decisions on the team level that can counteract its efforts. By having a single vision to be united on, everyone at the company can act with a broader strategy in mind.
Having a proper strategy in place can also be helpful in tracking the progress towards each company goal. As all departments and teams understand the larger strategy of the business, their progress shall directly influence its success. This will lead to the creation of a top-down approach for the purpose of tracking KPIs or key performance indicators. KPIs can easily be identified at the organizational level by defining the core goals of a company.