These notes continue on the previous document about problems with strategy and talk about what are the benefits of strategic planning and also how it might not be beneficial. Also talks about what contingency planning is.
Strategic planning
The benefits of strategic planning include:
o Clear sense of direction
Throughout the hierarchy if communicated effectively
Encourages accountability
o Prior consideration to key internal strengths and weaknesses of the business
and external opportunities and threats.
o Logical process
o Identifies and gives consideration of range of strategic options
o Encourages progress to be tracked
o Allows for progress to be revived
However:
o May be too constraining if lacks flexibility
o Needs to be monitored and reviewed
o Requires resources
o Cannot predict the future
o Cannot deter the unexpected
Contingency planning
Is the process by which organisations try to prepare for unexpected and potentially
disastrous events
Businesses have to be able to respond to change and change can be unpredictable
Crisis management is the manner in which an organisation responds to an
unexpected and potentially disastrous event.
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