budget allocation, hiring decisions, operational processes, marketing strategy etc.) ![]() It also creates the necessary foundation and boundaries to determine resource allocation and efficient decision-making in the following areas (e.g. To help business owners get a better understanding about the importance of having a business strategy, we are sharing our insights on the 5 benefits your business could derive from strategic planning.Ī strategic plan helps to creates a sense of purpose and to define the direction in which an organisation must travel, and aids in establishing realistic objectives and goals that are in line with the vision and mission charted out for it. Overall, strategic planning helps to increase operational efficiency, market share and profitability of your business. In the long run, the exercise makes the business more sustainable as it has taken into account the potential opportunities, trends and threats that might affect it. ![]() Most business owners would agree that having a business strategy is important and necessary for every business to grow and compete effectively.
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