Discussion Board Post:

You would think that the value of strategic planning would be well established and without controversy; not so. There are a few scholars who think that the environment is often too dynamic to establish effective strategic plans. In addition, many feel that the plan can be a restriction on innovation. In other words, a firm, community, region, state, or nation becomes entrenched in a specific strategic plan that it cannot adjust to change or innovate.

The controversy extends to the need for a “business plan” (a strategic plan for a startup firm). Many feel that a business plan is not needed and in fact, many successful startups never have a formal business plan. Note: As you take other classes from me in the MSEDE program, you will find that I don't always think that a business plan is needed if there is a well designed business model in place.

Note: There are several options outlining the strategic planning processes which are used in business and economic development. The lecture notes presents one common outline. All that is necessary is to apply the generic planning outline to the specific situation (i.e., individual business, community, region, state, etc.).

What has been your experience with strategic plans? Have they been a help or hindrance?