Have you ever thought about the magic behind successful companies? At the heart of it, they often weave “strategic planning” and “performance management” into their operations. Think of it as a journey: strategic planning in performance management decides the destination and the path, while performance management and strategic planning help to ensure we’re traveling in the right direction and at the desired speed. The blend of these concepts helps businesses achieve their dreams.
Dive with us on this journey to understand how strategic planning performance measurement and strategic performance management systems play pivotal roles in driving success.
What is Strategic Planning
Strategic planning is a systematic process by which organizations define their future direction and make decisions on allocating their resources to pursue this strategy. Essentially, it’s about determining where an organization wants to go in the next few years and how it’s going to get there. It requires a vision of the future, an understanding of the present circumstances, and the steps required to bridge the gap between the two.