The Strategic Planning Process

By Jett, Karen L. | Strategic Finance, December 2009 | Go to article overview

The Strategic Planning Process


Jett, Karen L., Strategic Finance


Imagine that you are attending your annual planning retreat and are getting ready to depart for vacation when you get pulled into one more "important" meeting. At this meeting, you're notified that the existing owner has sold the business, and the new owner is looking to you to create a strategic planning process within the next few days.

That's what happens to Rory in Paul Niven's Roadmaps and Revelations. It might not have been too bad, but, like many privately held businesses, the planning process actually consisted of making and tracking an annual budget based on the vision of the owner of the company. Using a parable format, the story of Roadmaps and Revelations follows Rory as he learns how to create a successful business strategy while driving to a family reunion.

As management accountants, we tend to be like Rory and focus on the financial and measurable aspects of strategic design. We're often relegated to the role of creating the associated budget and reporting back on whether the strategic plan has been met based solely on whether or not the budget has been exceeded. The theme of Roadmaps and Revelations, however, is that strategic planning is much greater than annual budgeting.

Underlying the entire lesson in strategic planning is the definition of strategy as "the broad priorities adopted by an organization in recognition of its operating environment and in pursuit of its mission." While this may sound a bit broad and overwhelming, it serves to simplify the entire strategic planning process.

[ILLUSTRATION OMITTED]

Niven believes an organization's mission is key to the strategic planning process because it "defines your reason for being as an organization beyond succeeding financially." Once you understand this reason for being, it acts as a guide through the rest of the process. …

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • Ad-free environment

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

The Strategic Planning Process
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Full screen

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited passage

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.