Solved: In a detailed response of 100 words or more. Do you think a company needs a written strategic plan, or

Expert Answer

“If you don’t know where you’re going, any road will take you there.”

– Lewis Carroll, as paraphrased by George Harrison

Lets realize this just like in life in biz too that while all roads lead somewhere, sometimes somewhere is just another kind of nowhere if we understand the serious meaning behind this statement then we will be able to answer the above question easily .Lets try to deliberate on this .

That in business, clear goals matter.

Without them, every choice is just another mysterious door in a rabbit’s warren of possibilities. Without them, the company ship wanders and drifts. Sure, maybe the currents will lead you to safe harbor. But you’re just as likely to end up crashed on a reef in the Maldives.

A written strategic plan, when done well, is both the forward path and the map itself. It’s the basis for any business owner to achieve his or her vision. Strategic planning – by helping you refocus on your foundational purpose, your goals and your opportunities – reintroduces you to “the big picture.”

You remember the big picture, don’t you? It’s why you started your business in the first place.

A strategic plan is a written document that points the way forward for your business. It both lays out your company’s goals and explains why they’re important. The strategic planning process also helps you uncover ways to improve performance. It can, for instance, spark insights about how to restructure your organization so that it can reach its full potential. Developing new products, expanding operations, reaching into new market segments, solving organizational problems – as you grow your business, a well-designed strategic plan will dictate how you respond to opportunities and challenges of every color, shape and size.

Every business owner needs to be able to make these kinds of distinctions, because the business landscape is constantly changing, and faster than ever before. New government regulations, changing workforce demographics, advancing technology and economic uncertainty affect every business differently.

A strategic plan allows you to put these business challenges into perspective. It gives you the foresight you need to tackle them in a coordinated way. You’ll have a better view of the ways your business is affected by any particular problem, which in turn makes it easier to take control of your own future.

So what are the sorts of business challenges that strategic planning will help you to rise above? You name the situation – your plan will help. Some examples of obstacles or opportunities that strategic planning can help you more easily respond to include:

• Responding to the launch of a new product from a competitor.
• A technological upgrade on your production floor.
• Handling the requests of a new customer base.
• Upgrading the technical capabilities of your workforce.

But your strategic plan is more than just a lens to look through. It does more than just focus your attention. It’s also essential for communicating your vision to investors, managers and employees, and it illustrates the process by which that vision will be made real. Through the strategic planning process, you’ll create a written document that clearly details the future plans and goals of your company. Your business allies won’t have questions about how they fit in, and they won’t be confused about how they can help you achieve your vision. The strategic planning process ensures that everyone is on the same page.

Remember, a plan of action that resides only in your head may work for a little while, but owning your own business involves collaborating with others. You’ll have to do it if you want to bring your business growth strategy to fruition, and as you grow you’ll do it more and more.

so strategic plan action is a broader ptcture or a big picture but this will be like a mission statement which you have to keep in mind but it may not be applicable to everywhere in the same way if you are an MNC company coz your different country offices will have different cultures and regalatory frameworks which you need to follow keeping the big picture in mind which will be the ultimate goal for your local offices to follow ,