Watch the following sections of “Strategic Planning Foundations” from LinkedIn Learning:

  • “Organizing for Success”
  • “Conclusion”

Note: Use the link at the beginning of this week to access LinkedIn Learning.

Write a 175- to 265-word response to the following question:

  • How will the information you learned in the LinkedIn Learning course help you formulate your strategic plan? Provide examples.

Read and respond to at least two of your classmates’ discussion posts. Be constructive and professional with your thoughts, feedback, or suggestions. 125 words each response.

1. The information that I have learned in the LinkedIn Learning course that will help me formulate my strategic plan is to have vision, mission, and strategic filters. Using these criteria, he shows how to prioritize competing initiatives, how to allocate resources to best support those initiatives, and how all of these factors combine to create a compelling strategic plan. Growing a business means taking many decisions about the way you want to expand your operations. Creating a strategic plan is a key component of planning for growth. It will help you prepare a realistic vision for the future of your business and in doing so can maximise your business’ potential for growth. The purpose of strategic planning is to set your overall goals for your business and to develop a plan to achieve them. It involves stepping back from your day-to-day operations and asking where your business is headed and what its priorities should be. Why strategic planning matters more to growing businesses. Taking the decision actively to grow a business means embracing the risks that come with growth. Spending time on identifying exactly where you want to take your business – and how you will get there – should help you reduce and manage those risks.

2.This video will help focus on achieving my goals and not just thinking about them. I always think about the resources that I don’t have instead of capitalizing on the resources that I can use.

Three Principles of Strategic Planning

  1. Set a clear direction
  2. Saying no to distractions
  3. Diversify bets (pursue different initiatives)

The three principles help the company stay on track and not get distracted by ideas. It is important to stay on budget and also have a clear directions of what needs to be done. Having a planning process helps the team to focus in on what is important and what may be a waste of time. Taking initiative may lead to a good outcome or bad, but the most important thing is try and see what works and what doesn’t. It is okay to get a negative result, but the key is to not having that result make the team take a step back. Ideas can evolve often and become greater. The strategic plan should also include updated threats like internet browsing. Online shopping is easier, faster, and sometimes cheaper. You can also find the store that sells a product with the cheapest price on google.

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