Financial Plan Challenges
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What challenges are presented to the development of a financial plan to support a strategic plan?
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This solution discusses the challenges that are presented to the development of a financial plan to support a strategic plan.
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1. What challenges are presented to the development of a financial plan to support a strategic plan?
The strategic plan provides a framework for the development of a financial plan. Without a strategy, the plan will have no direction.
" If you don't know where your business is going, any road will get you there".
What is a Strategic Plan?
Business managers are often so preoccupied with immediate issues that they lose sight of their ultimate objectives. That's why a business review or preparation of a strategic plan is a virtual necessity. This may not be a recipe for success, but without it a business is much more likely to fail. A sound plan should:
• Serve as a framework for decisions or for securing support/approval.
• Provide a basis for more detailed planning.
• Explain the business to others in order to inform, motivate & involve.
• Assist benchmarking & performance monitoring.
• Stimulate change and become building block for next plan.
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