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Strategic planning

What is strategic planning?

Main HR glossary Strategic planning
Strategic planning is the process of defining long-term goals, developing strategies, and allocating resources to achieve them. It helps businesses focus on key priorities and drive sustainable growth and success.

For example, if a company wants to enter a new market or launch a new product, its strategic planning will involve analyzing trends, identifying opportunities, assessing risks, and creating an action plan for the coming years.

Key stages of strategic planning:

  • Situation analysis: evaluating the company’s current position, market trends, and competitors.
  • Goal setting: defining clear, measurable, and achievable objectives, such as increasing market share or improving profitability.
  • Strategy development: selecting the best methods and approaches to reach these goals.
  • Implementation and monitoring: allocating resources, executing the plan, and tracking progress.

Strategic planning helps companies adapt to changing business environments, maximize opportunities, and mitigate risks.

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