5 Step Process for Developing a Strategic Plan
- Step 1: Write a Vision Statement. …
- Step 2: Write a Mission Statement. …
- Step 3: Perform a Gap Analysis. …
- Step 4: Write SMART Goals. …
- Step 5: Monitor Progress.
One may also ask, why is finance important in strategic planning?
Financial metrics allow companies to implement and monitor their strategies with specific, industry-related, and measurable financial goals, ultimately strengthening the organization’s capabilities. Therefore, they create sustainable competitive advantages that maximize a firm’s value.
Consequently, how does strategic financial planning help a business to grow? Creating a strategic plan is a key component of planning for growth. It will help you prepare a realistic vision for the future of your business and in doing so can maximise your business‘ potential for growth. … A business plan is about setting short- or mid-term goals and defining the steps necessary to achieve them.