Published Paper Details:

As a managerial tool strategic planning has become a key process for managing an organization in the service sector of the economy, and helping it keep its future goals in line with the changing business environment. This study adopts an analytic approach to analyzing the linkage between strategic planning and company performance in the service sector, analyzes the influence of strategic planning practices on company outcomes including company profitability, operational efficiency, client satisfaction, innovation and competitive advantage. For this study, primary data have been collected from structured questionnaire of the managers and employees of selected service organizations and research method is quantitative approach. Descriptive analysis, correlation and regression are used to measure the strength and significance of the relationship between strategic planning and firm performance. Results proved that there is significant positive relationship between effectiveness of strategic planning and performance of the organization, which means that companies that have clearly defined strategic goals, procedure for implementing them and continuous assessment of performance have better business performance. Additionally, strategic planning will boost the adaptability of the organization, its use of resources and decision-making capabilities, and can help service firms to navigate the changing dynamics of the marketplace and meet evolving customer demands. The study finds that strategic planning plays an important role in the sustainable success of an organization and suggests that service organizations must institutionalize strategic planning practices in order to boost their overall achievements and to secure their long-term competitiveness in a rather dynamic and customer orientation business environment.