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Strategic Planning

 
  Arthur F. Rothberg, Managing Director, CFO Edge, LLC  
   
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  Article Summary  
Strategic planning is the process in which an organization examines and analyzes its resources and defines a path for the near future.

In other words, strategic planning is sitting down with a group of people who have different roles in an organization and mapping out where you are, where you would like to be, and how to get there.

Strategic planning is one of those activities that too often falls by the wayside, particularly in a smaller organization. But it is equally if not more important for small and medium-sized businesses to engage in strategic planning as they have no time or money to lose. However, in the long run it invariably saves time and resources and is essential for smooth and efficient growth.

This article looks at the strategic plan, differentiates it from business planning, and reviews common elements that include the SWOT analysis, vision, mission, values, goals, strategies, tactics, and the action plan. Also mentioned are other planning tools such as the GE/McKinsey matrix and COPE analysis. Reviewed, too, are advantages of engaging with an objective outside strategic planning facilitator.

When strategic planning is outside the core competencies of company resources, Los Angeles executives may want to consider contracting with an outsourced provider of CFO services with expertise in strategic planning.

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