Watch the video below and discuss what a strategic plan is, and why it is so important.

Reply to the following using at least 175 words per reply. Be constructive and professional in your response. Be sure to use FULL APA references and in-text citations.

1. An important plan that works with the strategic plan is the financial plan. Finance plays a very important role in assessing an organization’s performance including its resources. Some financial goals and metrics that are important to organizations are:

Free cash flow

Profitability ratios

Asset management

Growth indicies

Choose one of the metrics above and discuss. How does it affect the strategic plan?

Reference

Kono, P.M. & Barnes, B. (2010). The role of finance in the strategic-planning and decision-making process. https://gbr.pepperdine.edu/2010/08/the-role-of-finance-in-the-strategic-planning-and-decision-making-process/

2. This week we are talking about the key elements needed to support strategic planning, so I think it is a great idea if we refresh our minds about what a strategic plan is.

Watch the video below and discuss what a strategic plan is, and why it is so important.