Importance of strategic planning in the development of Bangladesh
Banking Services: Strategic planning is the most important key for solving
strategic tasks; it is the process of developing, controlling and maintaining a
strategic balance between organizational goals and resources in the market
environment. A strategic plan is a set of activities that are geared towards an
organizations growth and success. Strategic management refers to the art of
business planning at the highest possible level implemented by the company's
leader or leaders and is focused on building a solid underlying foundation for
a company.
Simply put, a strategic plan is
the formalized road map that describes how your company executes the chosen
strategy. A plan spells out where an organization is going over the next year
or more and how it’s going to get there. Typically, the plan is
organization-wide or focused on a major function, such as a division or a
department.
A strategic plan is a management
tool that serves the purpose of helping an organization do a better job,
because a plan focuses the energy, resources, and time of everyone in the
organization in the same direction.
If you’re thinking, “Hey, I’ve
got this great book on business plans, so I’ll just use that to form my
strategic plan,” be aware that strategic plans and business plans aren’t the
same concepts.
A strategic plan is a management
tool that C-level managers need to master and is for established businesses and
business owners who are serious about growth. It also does the following:
Helps build your competitive
advantage
- Communicates your strategy to
staff
- Prioritizes your financial
needs
- Provides focus and direction
to move from plan to action
A business plan, on the other
hand, is a planning tool for new businesses, projects, or entrepreneurs who are
serious about starting a business. A business plan
- Helps define the purpose of
your business
- Helps plan human resources
and operational needs
- Is critical if you’re seeking
funding
- Assesses business
opportunities
- Provides structure to ideas
Key components of strategic planning:
Vision: Outlines what the organization wants to be, or how it wants
the world in which it operates to be (an "idealized" view of the
world). It is a long-term view and concentrates on the future. It can be
emotive and is a source of inspiration.
For example, a charity working
with the poor might have a vision statement which reads "A World without
Poverty."
Mission: Defines the fundamental purpose of an organization or an
enterprise, succinctly describing why it exists and what it does to achieve its
vision.
For example, the charity above
might have a mission statement as "providing jobs for the homeless and
unemployed".
Values: Beliefs that are shared among the stakeholders of an
organization. Values drive an organization's culture and priorities and provide
a framework in which decisions are made. For example, "Knowledge and
skills are the keys to success" or "give man bread and feed him for a
day, but teach him to farm and feed him for life". These example maxims
may set the priorities of self-sufficiency over shelter.
Strategy: Strategy, narrowly defined, means "the art of the
general" -a combination of the ends (goals) for which the firm is striving
and the means (policies) by which it is seeking to get there. A strategy is
sometimes called a roadmap - which is the path chosen to plow towards the end
vision. The most important part of implementing the strategy is ensuring the
company is going in the right direction - defined as towards the end vision.
So, we can say that strategic
planning in the development of need for any organization not only Bangladesh
Banking Services.