Q1 Answer
A strategic plan is a tool that offers direction to an organization to ensure success in its operations. It assists the employees to work together towards a common goal. In fact, it assists the organization to come up with the goals to pursue and the actions that the members of the organization need to take to ensure the realization of the set goals. The plan also provides control measures the organization need to monitor the implementation of the strategy and make the necessary corrections (Geyer 123).
Q2Answer
Strategic plan leads to increased efficiency of the organization. This implies that the employees and the management can reduce any wastes in their operation thus increasing their productivity. Increased productivity is important for improving the performance of the organization. Therefore, the value of a strategic plan is to enhance efficiency within the organization something that further leads to good performance.
Q3 Answer
The preparation of a strategic plan starts with the identification of where the organization is at the moment. This gives the right picture of what needs to be done in the organization to foster success. Determination of what is important for the organization in the future is the second step in strategic plan preparation. This paves a way for the organization to define what it must achieve within a specified period as well as identify the required resources to attain the goals. The final step involves review the overall in a plan to ensure it works as required.
Q4 Answer
Hindsight is the ability for someone to understand an event after it has already occurred. It is vital in a strategic plan because it provides the planners with the important matters to focus on in strategizing.
Q5 Answer
The SWOT analysis is a very vital tool when preparing a strategic plan. This is because it provides the organization with areas of weakness that need improvement. Besides, it provides the organization with the opportunities that need to be considered in the plan. Furthermore, it offers the planners with various threats that the organization is facing so as to plan on how to overcome them.
Work Cited
Geyer, Yvette. Strategic Planning. Pretoria: Institute for Democracy in South Africa, 2006. Print.
