3/7/2023 0 Comments Strategic budget planning![]() Is done to identify the resources available for funding those processes. Thus in a way, the strategic planning is done to identify processes needed to ensure organization growth, and stability. Strategic planning can be adjusted to either delay or fasten some activities based on the likelihood of getting enough sources of funding. Read also Strategic Planning Process Discussion – Sample Paper Budget can also be used in a reverse way to influence strategic plan, based on the amount anticipated to be acquired and the main strategic goals that must be accomplished. It is created with intention of ensuring that the strategic plan is achieved by allocating it enough monetary resources to ensure its accomplishment. On the contrary, budget is reliant on the strategic plan. The two processes differ in that strategic plan is an independent document or process that focuses more on the organizational objectives and how they can be achieved. Read also Comparing Strategic Planning, Long Range Planning And Budgeting Thus, a budget is a reflection of an organization strategic plan whereby it is highly influencing strategic planning (Lalli, 2012). A budget is used to support the strategic plan of an organization. Budgeting on the other hand refers to a forecast of all expenses and income, and assists a business in identifying future financial plans and needs according to anticipated cash flow, expenses, and profit. It is a process of a progressive reflection. ![]() Strategic planning has the role of defining the expectations and directions of a firm that are founded on the stakeholders’ vision. A strategy that is well formulated assists to allocate and marshal resources of an organization into a viable and unique posture, founded on the comparative internal competencies and shortcomings, anticipated environmental changes and contingent moves via intelligent opponents. ![]() Strategic planning refers to a planning process which combines an organization’s major action sequences, policies and goals into a cohesive whole.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |