A company that lacks focus will suffer immensely. Time, manpower, and resources will all be wasted if the company does not define a clear set of goals and explain how the organization will reach them. By using strategic planning, organizational leaders can determine long-term objectives and plan operations around these objectives. The three types of strategic planning that businesses might engage in include:
Goals-based planning. This is the most common approach that refers to defining the organizational mission, creating goals relative to that mission, and deciding which steps are necessary to achieve this mission.
Issues-based planning. This...
