Department of Business Administration, University of Ilorin, Ilorin, Nigeria
Ilesanmi, O.A., Department of Business Administration, University of Ilorin, Ilorin, Nigeria
In today's competitive environment, every company has an action plan. Yet, for most managers, the processes used to create those plans don't usually work. Many have been refining their planning processes for ten to twenty years, frequently benchmarking with corporations known to be outstanding planners. Certainly, something must be wrong with the way managers think about planning as many corporate planning processes still generate such discontent. Taking ideas from other companies can be valuable, but it can also mislead and distract. It can prevent managers from focusing on what is unique to their situation. Although planning is not an end to success, but a means to an end, therefore individuals including corporate bodies that fail to plan, have planned to fail. Therefore, an organization is forced to look ahead, setting targets, anticipating problems and focusing on set goals and direction. Organizations, through their management set long-term strategies which are converted into short-term action plans to help achieve its long-term objectives. To this end, the importance of strategic planning and its impact on the overall performance/profitability cannot be over emphasized. © 2011 EuroJournals Publishing, Inc.