Strategic planning is important for all businesses because this is when they set there aims and will discuss how they can achieve that aim. These aims have to be realistic and the owners will discuss this with their workers. Some aims might be hard to get but executives will want their workers to push hard so that it can be achieved. Marks and Spencer?s aim was to be the best supermarket in Britain but the recession had affected them really bad giving them losses of over 100 million pounds. Currently they are making profits of 50 million pounds but it is nowhere near what they made a few years ago.
Strategic planning will show what direction the business is going to achieve its aims. The planning may last for up to 4 years and is drawn up by high ranking staff. Refinements will be made as months go by because changes can happen within the business. Marks will have a strategic plan that may last for two years. They are struggling at the moment and their rivals are doing much better with healthy profits We write better ! Get Free Quote or Order now!
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