Planning
When applying for a business loan, bankers frequently require a business plan.
Planning is the establishment of goals, policies, and procedures for a social and economic unit (such as a business).[1]
Planning skills help with goal setting and determining the most efficient path to meet objectives.
According to the career coach Jennifer Herrity:
| “ | Whether you're managing people, projects or a combination of the two, the ability to prepare a vision for the future and strategize solutions is essential to good management. Planning skills help when setting goals and determining the most efficient path to meet objectives.
They can also be useful when conducting administrative activities like budgeting and scheduling.[2] |
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Contents
Key planning skills
Specific examples of planning skills:[3][4]
- Adaptability
- Logical reasoning
- Flexibility
- Negotiation skills
- Attention to detail
- Leadership skills
- Related: What Is Strategic Planning? Definition, Techniques and Examples
Strategic planning skills
See also: Strategic planning skills and Goal setting and Cascading goals
Definitionally, strategic planning is:
| “ | Strategic planning is a process used by organizations to identify their goals, the strategies necessary to accomplish those goals and the internal performance management system used to monitor and evaluate progress. Most organizations use a SWOT analysis or gap analysis to identify the underlying factors driving their current performance. This, in turn, provides information regarding the most high-leverage strategies to create change.
Companies looking to optimize their performance and growth rely on a strategic planner, meaning a person who is dedicated solely to carefully planning the actions a company needs to take to reach their full potential. The strategic planning process culminates in the development of a strategic plan document that serves as the organization’s collective roadmap. While each organization is unique, the essential elements of a strategic plan include: - Clear mission and vision statements to frame the context of the document - Clear timelines for strategy implementation and progress monitoring - Quarterly benchmarks or objectives that will inform progress towards annual goals - Identification of the data sources used to track progress - Indication of the individuals and/or offices responsible for each strategy An effective strategic planning process is required for all organizational processes, from human resource policy implementation to financial growth goals. Whatever the goal, you can create a performance improvement plan to streamline the processes you undertake to further your company’s growth.[7] |
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Soon after a strategic plan is formulated, an organization should:
1. Allocate organization resources in alignment with the strategic plan.
2. Develop cascading goals. Cascading goals are structured in a way so that businesses align goals from the highest level of the company all the way down to individual employees so they are in harmony. See: Cascading goals
3. Build a performance management infrastructure.[8]
4. Streamline and organize business processes with a strategic planning template designed the organization's industry/business/organizational sector. See: Strategic planning template
Strategic planning articles
- Why is strategic planning Important?, Harvard Business School online
Strategic planning skills:
External links
References
- ↑ Planning - Merriam Webster Dictionary
- ↑ 5 Essential Management Skills (Plus How To Develop Them), Indeed.com
- ↑ 5 Essential Management Skills (Plus How To Develop Them), Indeed.com
- ↑ Planning skills: definition and examples, Indeed.com
- ↑ 10 Communication Skills for Your Life and Career Success
- ↑ What is Strategic Planning: A Definition, Indeed
- ↑ What is Strategic Planning: A Definition, Indeed
- ↑ What is Strategic Planning: A Definition, Indeed
