Strategic planning is a concept that focuses on the creation of specific organizational strategies, how they are implemented, and assessing outcomes attributed to planning execution relative to a business’s long-term goals. The art behind planning entails integrating different departments within an organization to help it realize the set goals (Hitt et al., 2020). The significance of strategic management is founded on how it determines to what extent an organization achieves its success. Therefore, to think strategically, leaders must take the long-term perception and envision the bigger picture, including how the competitive environment and the business fit together (Hitt et al., 2020). The significance of considering the bigger picture helps business leaders to think and plan positively, bearing in mind how the financial success and performance of the organization are affected by their decisions.
On the question of who should be involved in strategic planning, the answer lies in understanding that the entire process associated with the planning contains an organization’s senior management. Responsible management entails the likes of CEOs and managers. However, strategic planning can also include significant employees who can actively contribute to the organization’s long-term planning (Hitt et al., 2020). Every management team has the mandate of deciding the employees to participate in the strategic planning process. It is highly recommended that before any plans are made, the team must consult the CEO and the senior management. The rationale for ensuring the latter two are incorporated into the process lies in the understanding they can articulate which areas require strategic focus (Hitt et al., 2020). Furthermore, they know to align the actions and goals to the vision of the business since they can create the long-term objectives that guide the team towards achieving the necessary success.
Reference
Hitt, M. A., Ireland, R. D., & Hoskisson, R. E. (2020). Strategic management: Competitiveness & globalization: concepts & cases. Cengage.