Question

Identify five key processes that are considered the most significant financial issues that must be planned, controlled, and managed for a plan to be successful.

Answer 1

The five stages of the process are goal-setting, goal analysis, strategy making, strategy implementing and monitoring of strategy.

• Clarification of vision

goal-setting is to clarify the vision you have for your business. This stage consists - 1. define short- and long-term objectives. 2. identify process of accomplishing your objective. 3. customize the process and assign tasks.Goals should be detailed, realistic and should match your vision.

• Gather and Analyze Information

Analysis is important because the information gained will shape the next stages. gather as much information you can.The focus should be understanding needs of the business as a sustainable entity. Examine external or internal issues that affect your goals and objectives. Identify the strengths and weaknesses of your firm (SWOT Analysis)

• Formulate a Strategy

forming a strategy is to review the information gathered. Determineresources which business has that can help you reach the defined goals and objectives. The issues ofthe company should be Priority based on its importance in achieveing the success or the goals.

• Implement Your Strategy

Successful strategy implementation is important for success of the business. This isaction stage of the strategy management process. If the overall strategy does not work , a new structure should be installed Additionally, resources or funding for the venture should be raised.

• Evaluate and Control

Strategy control actions include consistent review of internal and external issues performance evaluation, and taking corrective actions . A successful evaluation begins by defining the parameters to be measured. These parameters should be able to compare the actual results from the goals and find out the deviations between the two.