Strategic planning for emerging ventures
Strategic planning is the formulation of long range plans for the effective management of environmental opportunities and threats in the light of venture’s strength and weaknesses. It includes defining the venture’s mission, specifying achievable objectives, developing strategies and setting policy guidelines.
Thus strategic planning is a primary step in determining the future direction of a business. These are five basic steps involved in strategic Planning:
1. Examine the internal and external environments of the venture (strengths, weaknesses, opportunities and threats).
2. Formulate the ventures long range and short range strategies (mission, objectives, strategies and policies).
3. Implement the strategic plan (programs, budgets and procedures).
4. Evaluate the performance of the strategy.
5. Take follow-up action through continuous feedback.