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Make your plan logical and be sure that it matches your business’ strengths and market-place opportunities – it will make all the decision making so much easier. All this analysis, examination and planning may seem boring, irrelevant or cumbersome but it will allow you to worker smarter and not harder, and will really, truly increase the likelihood of your business not only surviving, but also thriving and prospering.   How important is that? The other important component of a strategic plan is an environmental scan, which reveals potential threats of the company as well as strengths. The other part of strategic planning is strategy implementation, which involves using the company resources to ensure that its objectives are achieved.

A strategic plan includes having a mission statement that describes the vision of the company.
Strategic formulation is another important part of planning strategically which seeks to enable the company to attain much needed profits and to be superior to its competitors. With the guidance if the vision the company states its objectives as part of strategic planning process. The last part of strategic planning is evaluation since for a plan to be successful it has to be monitored.

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