What is a strategic planning model?

A strategic planning model is a framework that guides an organization through the process of setting its direction and making decisions to achieve long-term goals. Common models include the SWOT Analysis (assessing Strengths, Weaknesses, Opportunities, Threats), the Balanced Scorecard (measuring performance from financial, customer, internal processes, and learning and growth perspectives), and PEST Analysis (examining Political, Economic, Social, Technological factors). These models help businesses, including those in Canada, to systematically evaluate their environment, resources, and market position, leading to informed strategic choices and actionable plans.