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Jemshah
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Asked: 2023-01-21T16:33:32+00:00 In:

Outline five benefits of strategic planning to an organization. (10 marks)November 2022

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Outline five benefits of strategic planning to an organization. (10 marks)November 2022

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    1. Clarity of purpose: Strategic planning helps organizations to define their mission, vision, and values, which in turn helps to create a clear sense of purpose and direction for the organization.
    2. Improved decision making: Strategic planning enables organizations to identify long-term goals and objectives, and to develop plans to achieve those goals. This can help organizations make better decisions by providing a framework for evaluating potential actions and investments.
    3. Increased competitiveness: Strategic planning helps organizations to identify and respond to external opportunities and threats, which can increase the organization’s competitiveness.
    4. Improved resource allocation: Strategic planning enables organizations to align their resources (financial, human, and physical) with their goals and objectives, which can improve the efficiency and effectiveness of resource allocation.
    5. Increased flexibility: Strategic planning helps organizations to anticipate and respond to changes in the external environment, which can increase the organization’s flexibility and adaptability.
    6. Improved communication: Strategic planning helps organizations to communicate their goals and objectives to stakeholders, which can improve the alignment of their efforts and increase the organization’s overall effectiveness.
    7. Better risk management: Strategic planning helps organizations to identify and evaluate potential risks, and to develop strategies to mitigate those risks. This can help organizations to be better prepared for unexpected events and to respond more effectively when they do occur.
    8. Increased stakeholder satisfaction: Strategic planning enables organizations to identify and respond to the needs and expectations of stakeholders, which can increase stakeholder satisfaction.
    9. Continual improvement: Strategic planning is an ongoing process that helps organizations to continually evaluate and improve their performance.
    10. Benchmarking: Strategic planning helps organizations to establish performance targets and benchmarks that can be used to measure and evaluate their performance over time.
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