Strategic planning is used within companies to ensure goals are met. Plans provide direction about where the company wants to go and the actions required to reach the destination. Plans can be created for the entire company, along with specific plans for individual products, services, or programs.
Strategic planning also plays a vital role with developing a retirement plan or engaging in estate planning. Advanced planning lets you gift assets to heirs, business partners, and charities and establish strategies to clear outstanding debts upon death.
Regardless of whether planning is used for business or personal reasons, the benefits are nearly the same. Written plans define the purpose, goals, mission, and timeframe in which plans will unfold. They communicate directives to the people that are in the group. They provide the glue to keep everyone on the same page and can solve problems before they surface.