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Coursework example - Strategic planning and Financial Analysis Ratios
Finance & Accounting
Pages 3 (753 words)
Strategic planning is the process of developing and maintaining consistency between the organizational objectives and resources and its changing opportunities. The strategic plan sets the general direction for the use of management resources and turns the organizational vision into concrete achievements…
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The strategic plan sets the general direction for the use of management resources and turns the organizational vision into concrete achievements. Strategic planning is therefore the process of setting objectives and determining what should be done to accomplish them (Sadler, 2003). It is not a static process and once the framework is in place and working, it needs to be frequently reviewed in the light of changes in the environment. The difference between strategic planning and financial policy of General Motors is that while strategy determines how the company will accomplish its set objectives and goals, financial policy is concerned with the allocation of resources for example, capital that are to be utilized to achieve company objectives and goals. The purpose of strategy is to take advantage of what the company does well or hopes to do well which will have a benefit on the external environment. The strategy also provides a focus upon which the company mission and objectives can be translated into tactical and operational plans that work and make sense (Sadler, 2003). ...
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