What is strategic planning?

Strategic planning is a process that organizations use to define their long-term goals and objectives, and determine the best ways to achieve them. It involves analyzing the organization's current situation, identifying potential opportunities and threats, and developing strategies to address them. Strategic planning helps organizations to align their resources, capabilities, and actions with their overall mission and vision, and to make informed decisions about how to allocate resources and prioritize initiatives. It is a critical tool for guiding an organization's growth and success in a competitive and constantly changing environment.