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Asked by: Lahsen Vicens
business and finance business administrationWhy is strategic planning important to the organization?
Also asked, why is planning important in an organization?
The planning process provides the information top management needs to make effective decisions about how to allocate the resources in a way that will enable the organization to reach its objectives. Productivity is maximized and resources are not wasted on projects with little chance of success.
Similarly one may ask, what is strategic focus and why is it important?
The importance of strategic focus to business success. In an age of multiple distractions, it is more than ever important for business leaders to have a strategic focus for the direction of their enterprise and clear goals so that progress can be measured.
1. Planning is the most basic of all managerial functions – Planning precedes all executory functions like organizing, directing, staffing, and controlling. 2. Planning preconceives an objective – Every plan specifies the objectives to be attained in future and steps necessary to reach them.