Fin 370 wk 3. Business & Finance homework assistance| Business & Finance homework help
The relationship between strategic and financial planning is critical for any business, as the two disciplines must work in tandem to ensure that a company’s vision is properly funded and managed. Strategic planning focuses on creating a set of goals and objectives that will serve as the foundation of a company’s operations and growth. This information is used to create financial planning strategies that will help you allocate your resources to achieve these goals.
It includes pricing models, product offering, and capital investment decisions. In order to ensure a successful business venture over time each discipline should be informed by the other—strategic plans need realistic financial projections while finance teams must understand any non-financial implications associated with their budgeting tasks/activities (i.e., what are some possible risks that may arise when allocating resources in certain ways).
Startup founders will be able to create more long-term plans if they understand both the short and longer-term aspects of the equation. This is because it’s important that they strike a balance between immediate needs as well as the overall vision for their organization going into the future.