Strategic planning is the process of defining an organization's long-term goals, identifying the resources needed to achieve those goals, and developing a plan to allocate those resources. It involves analyzing an organization's internal and external environment and making decisions to achieve competitive advantage. Need for Strategic Planning in Business • Provides direction and focus: Strategic planning helps businesses to set clear goals and priorities, providing direction and focus to the organization. • Increases efficiency: By identifying areas for improvement and developing strategies to address them, businesses can increase efficiency and reduce waste. • Facilitates decision-making: Strategic planning helps businesses to make informed decisions based on data and analysis, reducing the risk of making poor decisions. • Enhances resource allocation: With strategic planning, businesses can allocate resources more effectively, ensuring that resources are used in the most efficient and effective way possible. • Improves competitiveness: Strategic planning helps businesses to stay ahead of the competition by identifying emerging trends and opportunities and developing strategies to take advantage of them. • To know more, visit https://strengthscape.com/corporate-training/the-five-behaviors-of-a-cohesive-team/