Significance of Strategic Planning and Implementation for An Organizational Profitability

Abstract

Strategic planning refers to those process that involves several steps that are required for developing different strategies. These strategies are mainly focused on increasing overall profitability by achieving goals and objectives. During the global pandemic, each sector has faced a serious issue of maintaining the profit margin. However, applying effective strategies such as implementing work from home and making each activity digitalize helps to maintain profits. The article follows the secondary qualitative method to provide a better understanding of the topic. Herzberg's two-factor theory also highlights two key elements that are essential in enhancing profitability.