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Define the difference between strategic planning and financial

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planning. Describe how the...
Define the difference between strategic planning and financial planning. Describe how the two are related?
please reply 250 words or more
Submitted: 8 years ago.Category: Finance
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7/22/2009
Financial Professional: Mohammad Ali, Accounts & Financial Advisor replied 8 years ago
Mohammad Ali
Mohammad Ali, Accounts & Financial Advisor
Category: Finance
Satisfied Customers: 370
Experience: Qualified Cost & Management Accountant, with 2 years experience in Financial & Audit Services
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Strategic planning is the process of defining an organization's strategy or its direction, and then making decisions on how to allocate the resources it has at its disposal, in order to pursue the strategy. Strategic planning involves identifying the strengths and weaknesses of an organization and also paying attention to the opportunities and threats that it faces. Part of the strategic planning process involves judging the position of an organization, in terms of people and capital. Finances form a part of capital and are thus assessed. Plans on what finances we have, how to use them and how to increase them are also drawn, that is basic financial planning. So we can see that strategic and financial planning is related, as financial planning is the subset of strategic planning.

The differences between the two are as follows:

 

Strategic Planning

Financial Planning

Management level

Strategic management

Tactical management, with input from strategic management

Time frame

Long term

Short term

Detail level

General and broad based

Specific and detailed; made in a structured manner

Scope

Encompasses the whole organization

Relates only to the finance department

Information source

Both internal and external

Mainly internal

Information type

Mostly un-quantifiable, like "we shall make considerable improvements in order to reduce waste". Just how much is ‘considerable'?

Usually quantifiable, like "we shall achieve a sales target of $1,200,500

Sub division

Divisible into plans like:

  • Financial plan
  • Human resource plan
  • Marketing plan
  • Production plan

Divisible into:

  • Budgets
  • Forecasts
  • Schedules and
  • Operational statements

 

Mohammad Ali
Mohammad Ali, Accounts & Financial Advisor
Category: Finance
Satisfied Customers: 370
Experience: Qualified Cost & Management Accountant, with 2 years experience in Financial & Audit Services
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