Service Group As A Service
(SGaaS)
Strategic Planning & Budgeting
What Is the Difference Between a Strategic Plan & a Budget?
A business needs to have both a strategic plan and a budget. The strategic plan lays out the direction and goals of the business and guidelines for actions to achieve those goals, while the budget looks at the money needed to support achieving those goals. Budgeting is only one part of the strategic planning process.
Strategic Planning
Many approaches to strategic planning are available. One approach is to start with a strategic analysis of where the organization is now, including its strengths and weaknesses and the economic, social, political and technical environment in which the business operates. The next step is to decide what direction the business wants to head; this process may involve developing a mission statement or strategic philosophy and setting goals. The next step is to identify tactics or action steps for achieving strategic goals.
Budget
A budget is a forecast of all income and expenses, and helps a business identify future financial needs and plan based on expected profit, expenses, and cash flow. If a business doesn't have the budget to support its strategic plan, the business needs to either modify its plan or find the financial means to support the plan.
CONTACT
Contact us today for a free, comprehensive "Technology Review" of your IT Department or if you have any questions!
Tel.: 888-SGAAS-53
888-742-2753
Fax: 844-277-3537
Email: James.Ward@sg-aas.com
888-742-2753
Fax: 844-277-3537
Email: James.Ward@sg-aas.com
Columbus, Ohio
United States of America
Jackson, MS
United States of America
Tampa, FL
United States of America
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