Strategic planning is an company’s process of defining its strategy, or direction, and making decisions regarding how its resources are used to implement this strategy. This includes its capital, both financial and human. Some well known business analysis techniques that can be used in strategic planning include: SWOT analysis (Strengths, Weaknesses, Opportunities, and Threats ) and PEST analysis (Political, Economic, Social, and Technological analysis) or STEER analysis involving Socio-cultural, Technological, Economic, Ecological, and Regulatory factors and EPISTELS (Environment, Political, Informatic, Social, Technological, Economic, Legal and Spiritual) Strategic planning is the formal consideration of an company’s future course. All strategic planning deals with at least one of the three following key questions: Continue Reading →