strategic planning

  

Definition

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.

In contrast to long-term planning (which begins with the current status and lays down a path to meet estimated future needs), strategic planning begins with the desired-end and works backward to the current status.

  • At every stage of long-range planning the planner asks, "What must be done here to reach the next (higher) stage?"
  • At every stage of strategic-planning the planner asks, "What must be done at the previous (lower) stage to reach here?"

Also, in contrast to tactical planning (which focuses at achieving narrowly defined interim objectives with predetermined means), strategic planning looks at the wider picture and is flexible in choice of its means.


Use strategic planning in a sentence

  • Good strategic planning should allow you to come up with the right business models to have your business flourish in the long run.

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  • Being good at strategic planning will help you to see two steps ahead of your business competition and keep the upper hand.

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  • When trying to decide where to go next on there road trip the two best friends brought out a map and did some strategic planning.

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