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Detailed Explanation of Strategic Planning

How would you define strategic planning? What are the differences between strategic and financial planning? What financial problems might an organization encounter when implementing their strategic plan?

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Strategic planning is a tool for organizing the present on the basis of the projections of the desired future. That is, a strategic plan is a road map to lead an organization from where it is now to where it would like to be in five or ten years.

Strategic planning is the process of deciding what the future of the organization, program or project should be, and what strategies should be followed in order to make that future happen. The purpose or mission of the program is identified; future issues and ...