What is strategic planning and why it is needed for a successful business plan?
It contains a detailed report of business activity which includes product/service, goal set up, competitor’s analysis, market analysis and financial projections.
2. Business model
3. Market strategies
4. Competitive analysis
5. Technology and product plan
6. Revenue plan
7. Financial projections
8. Valuations of business
9. Investment offerings
The corporate structure is referred to be the hierarchy of the organization which implicates the working of the corporate in the organizational structure. Thus corporate planning and structure focuses on formulating, monitoring, and implementing the operational plans to achieve objectives.
For forecasting financial results, projected revenues, expenses and profits of the company , strategic planning etc. are needed. The owner of the company prepares corporate plans and structure for long range capital plans, and various other functions of the organization that needs to be undertaken.
1. It provides relevant and reliable information about the past, present events and likely future events. This is necessary for sound planning.
2. It gives confidence to managers to make decisions relating to forecasting
3. It helps in analysing and understanding the problem area.
4. It is helpful in comparing the actual and estimated results.
5. Helps in developing a sound foundation in management.
2. It is useful in determining the demands, expenses, operating costs, legal costs, revenue and financial benefits.
3. This method helps in assessing whether changes will affect a particular project and the consequences of the same.
4. It helps in determining the unpleasant situations that might occur due to change, thereby identifying and implementing the actions that will help mitigate these adverse effects.
2. Helps in determining and evaluation of actual performance
3. It is a roadmap for future growth
4. Helps in estimation of costs of projects in a well defined manner
5. In the process of budgeting analysis the accounting software can be used by the companies which helps in automation of the budget process and helps in keeping the track of expenses electronically.
6. These software packages also gather or collect information from the company accounting department to create simpler processes for managing and creating budgets. These are invaluable tools for managing information and reviewing information in real time format.