Strategic planning process involves allocation of resources to firms to fulfill their long-term goals. Any business plan can be classified into the following three types.
This planning process is the best among the three business planning processes. It is a long-term process that the business owners utilize to unveil their business’ vision and mission. It also determines a gateway for business owners for achieving their goals.
Strategic planning fulfills the mission and the overall goals of the firm. Whereas, the other two are rather more short-term and are used sometimes without any relation to the long-term business goals. However these three kinds of planning work well when used within a strategic plan.
This planning process is for six months to two years. They outline the manner in which the strategic plan is pursued. Intermediate plans are often used for campaigns with the purpose and goal of supporting the trades’ long-term goals.
This planning process involves planning for few weeks or at least for a year. It involves detailing out the functioning of a strategic plan on a daily basis. Resources are allocated for business management and development that takes place daily within the strategic plan.