In business, the goal of any owner is to be as profitable as possible. In order to do that, it is important to understand the environment that best facilitates that goal. Strategic planning is done to make sure your company has armed itself with as much information as it can on its customers needs, its competition, its industry, and the cost to make everything run smoothly.
WHO?
WHAT?
WHERE?
WHEN?
WHY?
These are the questions to be answered during the strategic planning phase.