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Management is a central topic of nearly every course curriculum. The demand for management study among the masses is growing with time. From the business perspective, strategic planning is a method employed by an organization to determine its strategy or direction and make informed decisions about allocation of its resources and execution of strategy. Strategic planning encompasses both people and capital. It is an emerging and innovative field that requires rigorous practice and creative thinking skills.

Strategic planning is essential for both small and large businesses. To become proficient in strategic planning, you should know how to develop and implement strategic plans. For this, all you need is extensive practice on practical problems. However, making strategic business plans kills a lot of time and being a student, you don't have enough time to waste on only one subject. Despite this fact, you can't ignore the importance of this subject as it will help your small business to reach heights. Hence, our business and strategic planning experts focus on providing the best develop and implement strategic plans assignment help. Our objective is not merely to teach you how to complete your assignment but to understand the basic concepts of a strategic plan and how to draft it for different scenarios.

6 Main Elements of Strategic Planning

What are the Steps Involved in Making a Strategic Plan?

In simple terms, the strategic planning process is used by an organization to design a strategic plan to accomplish its long-term goals. Strategic planning is quite different from the project planning process, wherein the tasks are assigned to small projects; or strategic mapping that enables you to identify your company's vision, mission, and goals. Strategic planning is a comprehensive process. It enables you to develop a roadmap to think of various strategic objectives and initiatives that can be useful for the business. Here are the various steps of a strategic planning process:

  • #Step1: Evaluate the Current Position of the Company - This preparatory phase sets all the work to go forward. The company has to determine its current position to determine in which direction the company has to work and how to reach there. The company has to involve the right stakeholders from the beginning of the process, considering internal and external factors that may affect the planning process. In this phase, main strategic issues are determined after discussing with the company's executives, considering the public demands, and gathering industry and market information to determine the company's position in the market and the people’s minds.
  • #Step2: Prioritizing the objectives - After identifying the current position in the market, the objectives for a company are identified that will enable the company in attaining its goals. The objectives should align with the mission and vision of the company. Each objective should be different and measurable to enable the company in attaining long-term goals and initiatives. Some of the objectives can be upgrading the company's website, enhancing open email rates, and incorporating new members in the business pipeline. SMART goals can help to determine the timeline and manage resources that are required to attain the goals and key performance indicators to quantify the company's success. 
  • #Step3: Developing a plan - In this phase, the tactics required to achieve the company's objectives are identified, a timeline is designated, and responsibilities are communicated to the company's members. Strategy mapping is an efficient tool for visualizing the whole plan. Through the top-down approach, the strategic map gives a comprehensive picture of the business procedures and identifies the areas of improvement. Usually, efficient strategic choices include an exchange in opportunity cost. For instance, a company decides not to invest much in the customer's support services so that it invests more to create an intuitional user experience. The company should stick to its mission statement and values and refuse to say yes to those initiatives that won't be beneficial for the company in achieving long-term strategic goals.
  • #Step4: Implement and manage the plan - After creating the plan, it can be implemented after communicating it to the organization through relevant documentation. The broader strategy should then be converted to a concrete plan by diagramming the procedures. The dashboards of Key performance indicators can be used to convey the responsibilities to each member of the organization. This approach can efficiently demonstrate each plan step's completion process and ownership. 
  • #Step5: Analyze and amend the plan - This is the final step of the plan that allows reevaluating the company's priorities and making relevant changes based on past failures or successes. The key performance indicators that the company has achieved can be determined quarterly. It is essential to reevaluate the priorities and strategic position of the company on an annual basis so that the company continues to succeed in the long run.

How can Strategic Planning and Implementation be Beneficial for Your Career?

Strategic planning is considered an essential skill required in a variety of job titles. Whilst some have the job titles "strategic planner", "strategic planning associate", or "strategic planning manager", there are various other job titles that need strategic planning skills even if "strategy" is not in the job title. Various designations such as corporate developers, management consultants, strategic cost analysts, business developers, and operation analysts require efficient strategic planning skills. Some well-known universities in Australia offer a variety of programs in strategic planning and implementation. These are the Swinburne University of Technology, University of Sydney, Australian National University, and the University of Newcastle. Some of the critical learning outcomes of strategic planning and implementation are:

  • Learning to create a compelling vision and mission statement
  • Understand and critically evaluate the theories of strategy
  • Undertake research and employ pertinent strategic management techniques to devise organizational strategies and assess their effectiveness
  • Create a business case for a new initiative that aligns with the organizational strategies
  • Evaluate an organization's internal and external environment to know the nature of competitive advantage

So, if you are pursuing a strategic planning program such as BSBMGT616 and facing any difficulties in developing strategic plans, you can consider our specialized BSBMGT616 assignment help

Why is strategic planning necessary for an organization?

Strategic planning is crucial for the success of an organization since it gives a sense of direction and lays down measurable objectives for the organization. Anyone can use strategic planning to make day-to-day decisions, assess progress, and change the strategies at each step accordingly.

Here we have discussed some more points, in brief, to get an insight into the importance of strategic planning for an organization.

  • # Provides a sense of direction - Usually, when the work pressure elevates and the need to satisfy consumer demands or meet strict deadlines grows, the organization loses its sense of responsibility. It deviates from its actual goals and objectives. By implementing strategic planning within the organization, each team member will gain a sense of direction and remain informed about their future decisions.
  • # Improves income and sales - When an organization employs strategic planning in its business operations, it can quickly attain its ultimate goal of increased sales and higher profits. For instance, with a strategic plan, an organization can attract the right customers to help achieve the company's objectives.
  • #Lowers risk - The risk element for a company can be minimized if the organization quickly identifies the risk and executes the necessary strategic planning.
  • # Augments productivity and efficiency at the workplace - Appropriate strategic planning can achieve a gain in productivity and operational efficiency for the entire organization. Through effective strategic planning, the staff remains aware of their responsibilities and know how to execute them most efficiently.

How can I avail samples related to developing and implementing strategic plans?

Samples of assignments are reliable ways a student can use to determine the approach that can be used to complete their work effectively. But for some students, it might be a bit of a confusing task. Different universities have different assignment writing guidelines, and students are expected to stick to those guidelines. By merely reviewing the samples, students can't write unique content in their assignments, and for this reason, they seek assistance from our develop and implement strategic plans assignment help. Check out MGMT605 Business Strategy Analysis Assignment Sample drafted by our expert:

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