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Importance of Strategic Planning and Management in the Business Environment

Autor:   •  December 23, 2012  •  Research Paper  •  606 Words (3 Pages)  •  1,232 Views

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Importance of Strategic Planning and Management in the Business Environment

Name

Integrated Business Topics/BUS 475

September 10, 2012

David Nimmo

Developing a strategic plan in place for any business is important to the success of the company, regardless of the size of the company. Strategic management is the set of decisions and actions that result in the formulation and implementation of plans designed to achieve a company's objectives," (Pearce & Robinson, 2009, p. 3). Strategic planning is the plan that determines where a company wants to be and how the company will get there.

A strategic plan does not need to be complicated. It is important that the strategic plan for San's Creative Cakes be simplified so that the plan is not caught up in the process of planning the strategy and lose focus of what is important. A strategic plan will help to provide focus and direction and establishes how goals and objective will be achieved.

A strategic plan for San's Creative Cakes is important to the success of the business. A strategic plan is about planning not just for the present but also for the future of the business. A strategic plan is important because it will help to create a maintainable method for San's Creative Cakes to be successful in gaining profit, making it possible to pay employees and pay bills. A strategic plan is also important as it will help to provide direction and focus to company employees.

A strategic plan will help prepare for immediate and remote external environments. "Immediate external environments include competitors, suppliers, increasingly scarce resources, government agencies, and their rules and regulations, and changing customer preferences. Remote external environment include economic and social conditions, political priorities, and technological developments," (Pearce & Robinson, p. 3, 2009). Once a plan has been developed, it is important that plan is not just a paper plan.

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