FIN 370 Week 2 - DQ 1 - 7621

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  • Define the difference between strategic planning and financial planning.  Describe how the two are related?

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.