The success of any venture depends on the strategy and planning. If the planning doesn’t answer all the questions in the mind then we are not good to go. So, all in all, in order to launch a successful business venture or to keep a business alive it is very important to understand the importance of strategy and planning. So what is a strategy and how do we execute the planning phase. These are the first two questions that need to be answered before moving ahead with the article. Thus, we start with the basic information of strategy and planning and in case you need strategy and planning assignment help in UK, you can choose our assignment helpers for complete guidance.
Strategy and planning both are correlated with each other. Without any strategy and planning an organization can’t make any project successful. Also, both strategy and planning are different from each other. So, if you are having any confusion regarding strategy and planning, then this blog guide is just for you. This guide will make you aware of all the basics and strong concepts of both strategy and planning. So, don’t go anywhere and read this blog till the end.
So, let’s get started!
What is Strategy?
A very basic definition from Google states strategy as “a plan of action designed to achieve a long-term or overall aim.” So, we need to work in coherence with our idea and design strategy around our idea. For example, if need to advertise a product, it becomes vital to identify the potential areas where we need to sell the product. Market analysis and strategic marketing cover this aspect of product advertisement. However, this is a part of the strategy.
If we talk more about strategy then the strategy is a comprehensive game plan for attaining an organization’s goals. It is a combination of competitive movements and actions taken by top management in order to achieve successful goal achievement. Strategies are realistic and action-oriented activities that are based on practical experiences rather than theoretical understanding.
Now, let’s proceed further and know about what is planning?
What is Planning?
Now what is planning and why is it important? Let’s understand the meaning of planning in terms of strategy only.
What we need to do is to plan for the execution of the strategy. In other words, the planning phase covers the implementation of the designed strategy. It describes the process of creating a plan, or a series of procedures that will aid in the achievement of organizational goals. Apart from organizing, regulating, motivating and leading, and making decisions, planning is one of the five management functions.
Complementary plans are also created as part of the planning process. Planning must be adaptable in nature in order for the organization to make changes as needed. An organization can use planning to assert power over the action, i.e. whether everything is going according to plan or not.
Now, as we are well informed about the meaning of both strategy and planning. This is the time to combine both the terms and see what is the overall impact. Also, you need writing assistance for completing your strategy and planning assignments, feel free to ask us to do my assignment or take strategy and planning assignment help from us in the UK.
Let’s Understand Strategy And Planning in The Context Of An Organization
Strategic planning is an organization’s process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy. Most organizations use their current position to determine the future direction of the business. They keep on brainstorming the possible avenues through which an organization can pursue particular courses of action.
Generally, strategic planning asks three questions: What do we do? For whom do we do it? How do we excel? Therefore, in short, a sound strategy and planning should have a clear vision of what, whom, and how.
Why Is Strategy And Planning Important to an Organization?
Strategy and planning are vital to an organization’s success because it gives it a sense of direction and establish measurable objectives. Strategy and planning is a technique that may be used to guide day-to-day decisions and to evaluate progress and change strategies as you move forward.
Now, here are discussed some points in brief that will give more insight on the importance of strategy and planning in an organization.
1) Provides all teams with a feeling of direction
Often, as work pressures rise and the need to meet stringent deadlines and satisfy consumer demands grows, the organization loses its sense of responsibility and falls away from true goals and ambitions.
Furthermore, by incorporating the strategic planning part, each team member will gain a feeling of direction and will know where to go based on a well-structured strategy.
2) Increased income and sales
When an organization uses strategic planning in business operations, it can quickly achieve its aim of increased sales and profits. For example, having a strategic plan in an organization can help attract the right customers to achieve the objectives.
3) Reduces risk
The risk element is minimized if the organization recognizes and follows the necessity of strategic planning. Also ensuring that each movement understands the complexities and peculiarities.
4) Boosts productivity and efficiency in the workplace
The rise in productivity and operational efficiency levels for the entire firm can be achieved with the correct strategy and plan. The staff is familiar with and understands all jobs, and how to complete them in the most efficient and effective manner.
Understanding and implementing Strategy and Planning inside a firm is critical for a company to thrive and expand its operations. However, there are numerous strategic analysis tools available today that can help set and track the objectives and action plans that drive the company’s performance.
Many students view strategic planning as a difficult task to accomplish. It requires lots of analytical skills and understanding of the practical applications of the strategic and planning implementation process. However, there are many strategy and planning assignment help providers available online to offer guidance to such students.
Example Of a Strategic Plan
Students studying strategy and planning might not be able to understand the concept thoroughly. Thus, for a better understanding of the concept, we have brought an example that can give them a slight insight into the strategic plan in context with an organization to improve customer satisfaction.
Here’s an example of a customer satisfaction improvement strategy:
You are a member of a strategic planning team that sets a target in January to have clients regard you as a valued partner and want to raise their satisfaction level from 80% to 85% by the end of the quarter. You wish to improve your yearly client conference to achieve this goal. Identifying the venue and date, creating the agenda, inviting speakers, developing social activities, creating menus, and sending out invitations are all responsibilities you must complete.
Each assignment is assigned to certain divisions inside your firm by your strategy team. You arrange weekly meetings to ensure that the plan runs smoothly. You also intend to have a company-wide meeting in early February or early March to gather information and discuss developments. On March 30, the team will gather for one more time to go over any last-minute concerns.
Your team will send a survey to your clients one week following the conference to measure their satisfaction. You will compile the results and share them with the entire organization one month after the conference.
So, this is a short yet easy example related to strategy and planning. For more such examples, you can get in touch with All Assignment Help‘s online strategy and planning assignment help experts.
How To Write An Effective Strategy Plan?
A strategic plan is a written document that outlines an organization’s goals and objectives. Being a student studying strategy and plan, you must know how to write a great strategic plan.
But where do you begin if you have never written a strategic plan before? This part of the blog walks you through the steps of creating a strategic plan and how to write your first successful strategic plan for your academics. Here is what it should include while writing a strategy plan:
The mission should describe what the company or organization does. Thus, while writing, you should include the primary function of the company, and how does this affect the individuals or entities served?
The vision is the direction you wish to take the company. Most usually referred to as where one wants it to be in the future. The vision statement is crucial because it provides a solid, specific goal to work toward. Therefore, it should be a concise, one-sentence statement that best describes the company’s objectives clearly.
To write the values, you should consider what the company does, who it serves, and why started it in the first place. Some example business values are quality, service, teamwork, atmosphere, etc.
Focus areas are the high-priority areas on which you intend to concentrate your efforts to achieve your goal. To prevent focusing on too many places at once, it’s best to construct between 3 and 5 different focus areas per value.
The basis of any strategic plan is the objectives, which describe what you aim to achieve. Three to six objectives should be used to establish the goal, and one or more of your previously selected focus areas should be aligned with them.
The strategic plan’s projects serve as a platform for action. Whereas the rest of your plan has been built on ideas and goals, this section of your plan concentrates on the specific points of action you will implement.
Key performance indicators
Key performance indicators (KPIs) are quantitative figures that show how well a company is reaching its goals. When you create a KPI for a specific goal, you avoid making assessments that are either too broad or lack information.
Creating a strategic plan includes utilizing the right layout and format, as well as the right parts, to define your approach. Thus, these above-stated points can help you create a well-written and effective strategic plan. Also, if you lack at any point, don’t hesitate to take strategy and planning assignment help UK from us.
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Frequently Asked Questions
|Q: What is the difference between strategy and planning?|
A: Understanding your environment and making decisions about what you will do is what strategy is all about.
Making decisions on how to use the resources you have and the activities you’ll take to attain the goals set out in your strategy is what planning is all about.
|Q: What are the key elements of a strategic plan?|
A: i) Executive summary
ii) Signature page
iii) Company description
iv) Mission, vision, and value statements
v) Strategic analysis
vi) Action plan
vii) Budget and operating plans