Strategic Planning – How Much Should Organizations Spend on Business Planning?

Description

Well-crafted strategic and annual business plans provide a sense of purpose and direction. They establish the operations and initiative activities the organization will implement in order to achieve defined outcomes. Furthermore, these business plans serve as a communications mechanism to drive alignment of management decisions and employee actions to the effective and efficient achievement of the organization’s mission goals. Without business plans, time and effort may be applied to activities less directly focused on achievement of the organization’s goals thereby wasting the business’s precious limited resources.

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