Edward Granaghan graduated from Pennsylvania State University, where he studied business. He went on to get his MBA from New York University. A resident of Cream Ridge, New Jersey, Edward Granaghan has provided financial consulting services to domestic and international companies in his professional career. This includes expertise in management principles such as process improvements and strategic planning.
Strategic planning is how an organization defines its strategy or direction and decides how to allocate resources to achieve strategic goals. There are several benefits of strategic planning that organizations enjoy. First, a strategic plan assists in creating a sense of purpose and defines the path an organization can go. It also establishes realistic targets and goals that align with the vision and mission mapped out for it.
Because businesses must continually adapt to change, particularly in a digitally-driven environment, strategic planning helps to identify potential disruptions and equip the business to adjust more effectively. It puts into sight industry trends and consumers, which allow businesses to ride the next wave of trends.
Communication between colleagues throughout the process increases employees' perception of effectiveness and importance in the organization's overall success. Lastly, strategic planning helps managers and staff demonstrate dedication to an organization's aims by making organization targets and goals a reality.