Balancing between short term and longer term strategic needs
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Balancing between short term and longer term strategic needs
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Principles: 1. Balancing between short term and longer term strategic needs. 2. Balancing between potential risks and potential rewards. 3. Setting in place implications for an organization’s flexibility and resilience Activities: 1. Developing a financial plan: a document stating the funds needed over a certain period of time and sources and uses of these funds. 2. Monitoring the cash flow: ‘how much’ and ‘when’ is critical. 3. Developing the budget: to identify where and when money spent in a given period of time (a year). Commonly 4 types of budget: start up, operating, capital and project. Contentious issues? Implications? Theoretical discussions or insights?
