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Effective Financial Management by Geoff Turner

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Chapter 2

Planning to Get There

Introduction

The planning tree identifies three stages in the planning process; but unlike a tree that only grows upward, business planning is a continuous, circular process as depicted in Figure 2.2. Starting with our vision statement, which sets out the objectives of our venture, we then develop the strategic plan that will shape the nature of the business and the type of markets that we plan to operate in. This plan defines our relationships with our competitors in our chosen market environment. Once the strategic plans are in place, we can begin to develop more detailed operational plans to ensure we properly think through what it will take to keep our business in motion. These plans should explain, in simple ...

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