UVA Batten School Strategic Planning: Developing a Competitive Strategy

What is the purpose of developing a strategic plan? A strategic plan serves as a method used to articulate formal strategies that express the goals to be achieved, policies guiding the actions, and programs that set the plan into action for an organization (Starsia, 2017a). It establishes cohesion, balance, and control across the organization and allows the organization to prepare for the unknown (Starsia, 2017a). In an ever-changing environment, it is imperative that organizations review and adapt their strategic plan in order to assess the successes and areas for improvement in the organization.