What is Strategic Financial Planning?
Strategic financial planning is the process of determining how a business manages itself financially to ensure it achieves its goals and objectives for both the short-term and long-term. Sound planning considers every aspect of a business' operations and the impact each has on the overall financial position of the company.
During an organization's planning cycle there will be models supporting different types of planning processes such as sales planning, headcount planning, revenue and expense planning, and capital planning. These models are designed to collect data at the micro level. Integrated Financial Statements is the macro level model consolidating and analyzing the results of the micro-planning processes. At a corporate level, the results of the planning process should be validated against the strategic objectives of the corporation and provide predictability into the long-range plan.
While many companies rely on ERP systems and spreadsheets for their planning process, leading to errors and difficulty in arriving at consensus plans and budgets, high-performance companies replace the manual spreadsheet process with robust multidimensional modeling capabilities and integrated workflows to minimize error, maximize control, and boost accountability.
MindStream Analytics offers performance management solutions, support, and services that deliver world-leading enterprise planning and consolidation to help companies plan, understand and manage financial and operational performance. Finance can determine if corporate objectives are in synch with operational plans.
Contact us to learn more about eliminating the chaos of collecting, revising and approving budgets and forecasts by implementing solutions that allow strategic and controlled planning processes with the flexibility to adapt as your business changes.
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