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Introduction to strategic planning (long-term or business planning)
The discussion in the previous section emphasizes the importance of devising a decision making process. The discussion assumed that the decisions involve a relatively short time period; that is, the length of time between the need to make a decision and when the decision is made, implemented and reviewed is relatively short.
Managers also need to think about the long-run. This section introduces long-term decision making, or what is often called "business planning" or "strategic planning."
Does a strategic plan enhance one's "willingness to assume risk?"
A strategic vision provides a framework for making and implementing short-run decisions. It allows short-run decisions to be made within the context of working towards the manager's or the business' long-term goals.
Without a long-term vision, a series of short-term decisions may not achieve the decision maker's long-term goals. Instead, there is a risk that each short-term decision will be analyzed independent of other decisions, rather than being analyzed within the context of an overall vision. Independent analysis could lead to short-term decisions that conflict with one another. A long-term vision is needed as part of making short-term decisions.
Steps in strategic business planning
Other strategic planning processes
Are you ready to begin developing your long-term planning process?
Last Updated August 18, 2010
This material is intended for educational purposes only. It is not a substitute for competent professional advice. Seek appropriate advice for answers to your specific questions.
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