Q. Discuss whether Strategic Planning is worthwhile for small firms or not

Before I discuss whether strategical Planning is worthwhile for sm both(a) firms or not, I would like to briefly explain what strategic planning is.

Various definitions of strategic planning shoot been offered in the literature. However, specify strategic planning remains a problem because it erect be defined in galore(postnominal) ways depending on the size and nature of the business. Planning does not seem to have wakeful definition of its own place in judicature. strategical planning go off be an intended course of action. strategical planning can also be an approach to managing the organisations future. Strategic planning merely formalises the schema process in well-nigh organisations. The definition I will use is A strategy is the pattern or plan that integrates an organisations major goals, policies and action sequences into a cohesive whole ( Mintzberg,H., Quinn , J.B and Ghoshal, S. (1998).

Whether the strategic planning is worthwhile and pertinent for small firms is mainly dependent on the management mien of the organisation, resources they have and up to date information they gain approximately the market and competitors. If any small firm adopt the strategic plan, their action should be swift, efficient and controlled in order to action goals. Implementation must be secured by detailing the activities to be undertaken, giving responsibilities to managers and holding them accountable for achieving results.

There can be many benefits of applying strategic planning into small organisations. Strategic planning gives an organisation direction instead of letting it drift. Setting the goals and then choosing a strategy to achieve the goals can give a clear sense of direction to the small organisations. Strategic planning can also help to allocate the budget and to integrate all the activities which are involved in the planning process, which encourages small businesses in long term thinking and commitment. According to Miller and...

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