Whats the difference between strategic and financial planning?
In order to succeed in its industry or field, a corporation, institution or organization has to know where it is going. A strategic plan can help define and set the course. A strategic plan is the result of strategic planning. It is during this process that the organization decides, in finite, simple terms, its place in the world right now, and where it ultimately would like to go [source: McNamara]. In other words, a business provides a certain service, let’s say high-speed Internet access. The plan defines what the institution does, for whom, and how they intend to excel and beat the competition. But how will it adapt to the changing world and marketplace to deliver the same service (or not) in the future? Most importantly, why does the organization want to go where it’s going, and how is it goin
