Relationship Between Strategic and Financial Planning Paper

User Generated

pxvat424

Health Medical

Description

Write a 700- to 1,050-word paper that describes the following:

  • Relationship between strategic and financial planning
  • Key activities that are a part of both processes

Cite 3 peer-reviewed, scholarly, or similar references to support your paper

User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.

Explanation & Answer

Attached.

Running head: FINANCIAL PLANNING

Financial Planning
Name of Student
Institution Affiliation

1

FINANCIAL PLANNING

2

Financial Planning
Planning forms a critical part of the success of a company at any one time. Companies’
success is highly dependent on the planning concept used in the firms. The two main types of
planning within a firm are the financial planning and strategic planning, which albeit so similar
are so different and they play different roles (Abraham, 2012). The two modes of planning
equally focus on different stuff and are therefore distinct. Nevertheless, there are lies two main
links between the two and the two links are responsible for the way in which the managers
approach the process of planning (Samonas, 2015).
While financial planning entails how finances are managed over time so that they meet
the required business needs, the strategic planning refers to the process in which the direction of
the company is determined as well as the goals of the firm. At the same time, strategic planning
entails the process of knowing how the goals will be attained. It is also very critical to note that
financial and strategic planning involves the processes of altering data and analyzing the same;
they also entail how the plans are implemented and monitored (Abraham, 2012). Another
scholar posits that the strategic plan of an entity helps in defining the course, which the
organization needs to take. During the organization of any business, the firm determines where it
stands at the moment and where it also ought to be going in the future.
Markedly, strategic planning helps in deciding or determining the why of an entity. On
the other and, financial planning is used to determine how money resource needs are forecasted
and where reinvestments should be placed. In other words, financial planning entails deciding
where the entity resources like equipment, workers, and money are placed over time, financial
planning involves the measurement of the prediction at the current times against the present
trends and the past data (Samonas, 2015). Also, the mission statement and the vision statement

FINANCIAL PLANNING

3

comprises the strategic planning component in an organization. Similarly, financial planning
informs the strategy on how the same should be done (Abraham, 2012). The financial pl...


Anonymous
Excellent resource! Really helped me get the gist of things.

Studypool
4.7
Trustpilot
4.5
Sitejabber
4.4

Similar Content

Related Tags