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Understanding of strategic planning and financial planning

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What is your understanding of strategic planning and financial planning?

In order to be successful, Healthcare organizations need to have adequate financial and strategic plans that align with the organization's vision and mission. Strategic planning outlines the organization's objectives, while financial planning outlines how to use your financial resources to achieve these objectives. Strategic planning and financial planning are essential for healthcare organizations to reach their goals. "Strategic planning is the process of identifying where you want your company to be in the future and then charting steps to get there. Financial planning is the process of connecting your financial operations with your big-picture strategy" (Gartenstein, 2020). According to the YouTube video, organizations that create a vision, plan a mission, have objectives to move forward, and measure their strategies using daily tactics can be more successful.

Reference no: EM133215897

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