Strategic Financial Planning in the general budget

Abstract

Strategic financial planning is one of the main pillars in modernized institutions and works in a variety of sources of funding in its budget which foresees events and anticipates in what should be done in the future. Hence, we know what is planning and what is strategic. Therefore, planning is the activity which every other activity depends on the organization; it is a mental work of its nature. It is based on gathering, analyzing and analyzing data, information and facts as required by the various decision-making process. The strategy is science and art that uses the available means and capabilities within an integrated process that is prepared and planned to create a margin of freedom action in accordance with the supreme policy of the financial institutions. And its characteristics linked to all the functions of the institution according to the process of integration have adapted to the environmental conditions and identified the ways deal with them, which ultimately achieve the mission within a specific time frame to deal with the "fundamental problems affecting" in future interests. One of the objectives of   the strategic financial planning is to help allocation of surplus of financial resources that expects the costs and incurred with the planned revenues. So it has gained this importance through the effective way to address the economic problems such a lack of resources and available investment opportunities to the institution. It reduces the degree of uncertainty about the risks associated with variables outside the control of the institution's management. Tools help identify and contribute to minimizing the negative effects of these variables. In conclusion, the successful strategic financial planning depends on financial resources, managerial skills and organizational culture in the future vision that provides the organization with the development of its activities and transfers these activities from stalemate to innovation.