Strategic Planning For The Future Of A Company - 1261 Words

Management can best be defined as the process of achieving a goal effectively and efficiently through the delegation of people and resources. The major criteria that managers must employ to attain these goals are planning, organizing, staffing, leading, and controlling. By far, the most essential of these functions remains planning. Planning is the process of deciding what objectives to pursue in the future, and how those objectives will be attained. Planning plays an integral role in the long-term future of a company. If managers did not plan ahead, the organizing, staffing, leading and controlling elements would be unnecessary, because the company would have no goals to reach. Planning consists of translating an organization’s mission into reasonable objectives. The organizations purpose is first expressed as the mission statement. Then using this mission, the strategic planning begins, followed by tactical and operational planning respectively. These derived goals need to be SMART –specific, measurable, attainable, results-oriented, and have target dates. Strategic planning involves only the top-level managers, tactical planning involves only the middle managers, and the operational planning involves first-line mangers. Planning is a process that should engage people of all levels of management. Actively involving everyone will bring in a wealth of ideas, providing more options to chose from. Keeping the team engaged will build a sense of camaraderie making everyone feelShow MoreRelatedPlanning And Strategic Decision Making1606 Words   |  7 PagesPlanning and strategic decision making should be integrated within the management of corporat ions in today’s society of technological advancement. With the changes in the global marketplace and increased competition from expanding third-world economies, companies are having to rethink their competitive strategies. 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