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Small Business: Strategic Management and Planning

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Select a small business that you may want to start. What is strategic management and planning? Why would a strategic plan be important to the success of this business? How are the four functions of management relative to creating and implementing a strategic plan?

What is strategic planning? What is the purpose of strategic planning? Why is it necessary? What are the components of a strategic plan? Which component is the most important? Why?

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Select a small business that you may want to start. What is strategic management and planning? Why would a strategic plan be important to the success of this business? How are the four functions of management relative to creating and implementing a strategic plan?

Strategic management is used to determine an organization's mission, vision, goals, values, objectives, roles, responsibilities and timelines. Strategic planning is a management tool used to systematically focus members of an organization to "produce fundamental decisions and actions that shape and guide what an organization is, what it does, and why it does it, with a focus on the future" (FAQ, n/d). It does not make future decisions but involves fundamental decisions and actions for the organization based on anticipating the future environment. A strategic plan is important to the success of the business because it forces the organization to consider the development of the organization based upon the organization's goals and information collected regarding market and economic conditions. Ultimately strategic planning is of key importance because an organization does not operate within a bubble, it must change and react with the forces that are impacting the marketplace. In addition, the organization must establish objectives and goals in order to formulate a plan, and include the allocation of resources. Strategic planning helps an organization stay focused with the organization's priorities. The four functions of management are planning, organizing, directing, and controlling the organization.

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