In today's dynamic business environment, it has become utmost important for any organization to have a strategic plan in place. A strategic plan is a powerful instrument that helps a company commit to a future goal, motivate its organization through vision, clearly see its strengths and weaknesses, and move forward with a well-thought-out and measurable action plan. Thus, we can say that strategic planning sets direction, outline measurable goals, and aids in changing approaches when moving forward. To develop an effective strategic plan, you must understand both where your business stands today and where it wants to be in future.