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The Importance of Strategic Planning

  Arthur F. Rothberg, Managing Director, CFO Edge, LLC  
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  Article Summary  
While most CEOs and CFOs recognize the value of business planning and creating a formal business plan document, not as many give as much thought to strategic planning.

Strategic planning focuses on the big-picture: the strategies used to reach goals and objectives. More specifically, it emphasizes a company's vision, mission and values. By contrast, business planning is more tactical as it focuses on the action items and steps necessary to realize the strategic vision.

This article addresses the importance of strategic planning by first looking at benefits in the areas of a proactive stance, goal alignment, resource allocation and opportunities. Also addressed are the nuts and bolts of strategic planning with recommendations in the areas of human resources, competition, your unique selling proposition, operations and growth and financing.

Setting aside time for strategic planning is one of the smartest things that Los Angeles and Southern California CEOs and CFOs who want to prosper in the future can do. It’s easy to put strategic planning on the back burner, as there are always more pressing priorities, but the investment of time spent planning strategically will be returned many times over. Consider talking with an outsourced CFO services provider as part of your strategic planning efforts - he or she can offer valuable input into the strategic planning process.

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