¶ … Strategic and Financial Planning
Meeting corporate objectives requires alignment between the strategic and financial plans. While corporate strategy may call for exciting growth opportunities, without a solid financial plan to provide capital resources, the strategic goals cannot be met. Starbucks plans to build upon its recent success and expand its consumer packaged goods projects and create new connection points with consumers to increase daily spending. The company will provide financial support for the new projects by using the increased operating income and cash on-hand that is now available after reducing operating costs at current locations and closing redundant and failing stores.
Strategic Planning vs. Financial Planning
A strategic plan can simply be defined as the steps taken to best allocate a company's resources to achieve an optimal financial return, but the process of strategic planning is much more complex. The strategic plan should define the corporate goals and objectives and provide...
Allocating the financial resources required to achieve the strategic goals is a necessary step in strategic planning; however, financial planning is a process that requires a strategy unto itself.
"Financial planning entails collecting sales forecasts from marketing personnel and production plans from operations, and then combining them to make projections of the firm's future financing requirements" (Keown, Martin, Petty, & Scott, 2005, p. 107). A financial plan provides an assessment of long-term and short-term debt and assets and establishes procedures to ensure sufficient capital resources are available to meet the company's strategic planning goals. Comparing opportunity costs, defining financial ratio goals, establishing accounting policies that clearly document corporate activities, and providing cash flow and funding methods for operations are…
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