What is 'strategic planning'?

Strategic planning is fundamentally about defining a business's strategy and direction. This process involves evaluating where the organization currently stands, identifying its goals, and determining the resources and actions needed to achieve those goals. It sets a roadmap for the future by incorporating both short-term and long-term objectives, ensuring that all parts of the organization are aligned towards common purposes.

In contrast, evaluating employee performance, assessing technology needs, and analyzing competitor strategies, while important aspects of business operations, do not encapsulate the overarching goal of strategic planning. Employee performance evaluation focuses specifically on individual contributions and productivity, technology assessment addresses the tools and systems necessary for operations, and competitor analysis examines the market landscape to inform tactical decisions. These activities can certainly inform the strategic planning process but are separate components rather than the essence of strategic planning itself.