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Running Head: STRATEGIC AND FINANCIAL PLANNING
Strategic and Financial Planning
STRATEGIC AND FINANCIAL PLANNING
The relationship between Strategic and Financial Planning
Planning plays a crucial role in the success of an organization. Strategic planning and
financial planning are two types of planning that most organizations use to run their operations.
Even though they have a different focus, strategic planning and financial planning are
interrelated in various ways. Companies that have an organized financial plan find it easier to
stay on track because they can make smart decisions (Thibodeaux, 2019).
Financial planning is defined as the proper management of your finances over time in a
manner that can help the organization meets its fundamental business needs. The financial
planning process requires businesses to define the resources, equipment as well as activities
needed to achieve the set business objectives within the time necessary. Strategic planning, on
the other hand, refers to the process of establishing the direction that would be taken by y...
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