Strategic Plan Discussion Budgeting is very important to any business as the budget serves as the financial “roadmap”...

90.2K

Verified Solution

Question

Finance

Strategic PlanDiscussion
Budgeting is very important to any business as the budget servesas the financial “roadmap” to help guide you towards your goals.Just as it is important for you to adhere to a budget in yourhousehold, a business must also develop and adhere to a budget.Budgets are part of the financial plan which, in turn, is part ofan organization’s overall strategic plan.
1. In your first post, answer the following questions:
-What is the financial plan and why is it important? How doesthe financial plan factor into the overall strategic plan of anorganization?
-Locate the mission statement of an existing health careorganization and share it in your response. Do you believe themission statement you have chosen is effective? Why or why not?Without knowing specifically what the goals are of thisorganization’s financial plan, how do you suppose the goals wouldaffect the mission statement? Be sure to include the referencecitation for the organization where you pulled the missionstatement.
2. Reply to at least two of your peers and comment on themission statements they have profiled in their posts. Please offerfeedback on the comments that your peer has made regarding thefinancial plan and how it fits into the organization.

Answer & Explanation Solved by verified expert

4.3 Ratings (562 Votes)

Financial Planning Has a role in building the budget and the forecast and in general terms is the topdown version of the budget The output from the financial plan is the input to the operational plan Scenario analysis stress testing working capital analysis and reforecast ing of the full financial statements are the key use cases 1 Manage your Money Managing ones money need not be boring Its not rocket science and you need not be from a financial background You only need to show a bit of commitment Deciding to save is the first step towards money management Saving money can be the powerful tool towards greater financial independence Imagine yourself borrowing from a friend for that urgent visit to the doctor In case you dont have any friend then you might have to swipe your credit card And you know credit card is the most expensive form of debt Repeat this a few more times and you end up in a debt trap even before you realize that You may have many financial goals in your mind Like buying a vehicle or the latest smartphone or wealth accumulation In all these situations you need money But where itll come from You got to have savings My friend saving money helps you avoid falling into debt traps Not only this but systematic saving on a regular basis can make you rich You may achieve your financial goals in a timely manner Now you might be wondering how to save And even more important how much to save As soon as you get your salary start putting it under various heads These heads can be expenses EMIs investments and savings 2 Regulate your expenses wisely If you are living paycheck to paycheck and find yourself struggling for money even before the month ends then chances are you are living way beyond your means Maybe there are a lot of unplanned expenses These might be leaving you with no money for the necessities But theres a way out of this Try making a budget Unless you have a budget before your eyes you wont be able to control your cash flows A budget simply shows how much money you have coming in and how those funds are spent Start by categorizing your expenses into fixed and variable urgent and nonurgent necessities and luxury avoidable and unavoidable In this way you will create a full inventory of expenses in front of you The more you convert things from abstract to physical the better you will get a hold of them You can create a hierarchy of needs and decide which ones to address first Its all about prioritizing You need to accept that you have got limited resources and unlimited wants But you have to manage your resources The sooner you accept this fact the better you can control your impulses towards avoidable expenditures You can even take the help of a plethora of apps like Mint Level Money Mvelopes and such kind available out there After addressing all necessary expenses you can allocate some money towards entertainment and leisure To avoid overspending you can create a list of groceries before visiting the departmental store You can assign a nospend day in the week Be sure you commit to your budget Consider it as a commitment instead of a burden In this manner you will be able to stick to the boundaries 3 Maintain a personal balance sheet Having a personal balance sheet helps to know what you own and what you owe Its a pretty powerful tool to take your finances to the next level Its a statement wherein you can jot down your assets and liabilities The difference between your assets and liabilities shows your personal Net Worth Before getting started pull together your bank statements and other proofs of the liabilities Then list down your assets like the bank balance all investments home value and value of other assets Take a sum of all the assets to arrive at the total value of your assets Afterward list down See Answer

Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:

Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!

Become a Member