Businesses without proper strategic planning often tend to stall. Having proper strategic planning helps businesses avoid the stall and prepare for fundamental changes. An accidental success is dangerous, although succeeding without a plan is possible, these examples only exist of businesses that achieve financial success.
Strategic planning helps the organization set priorities, strengthen operations, focus on the energy and resources and ensures that the employees and stakeholders work towards the same goal that is set. It is a set of disciplined effort producing fundamental decisions and actions that further help shape the organizational goals. An organization having an effective