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Lots of firm know what is strategic management and what is strategic planning. But most of them, just ignore the importance of strategic planning. Why? Here I listed few points that contribute as a cause.
Why NO Strategic Planning
- Lack of knowledge of strategic planning
- Poor rewards structures
- Fire fighting environment
- Waste of time
- Too expensive to implement
- Laziness
- Complacency
However, if strategic planning been done in a right ways, it can turn to be very effective and will benefited the firm. Effective strategic planning must consists few elements as below:
- People process > paper process
- Words supported by figures
- Simple and non-routine
- Challenging assumptions
- Underlying corporate strategy
