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Strategic Financial Plans and their features.
Long term or strategic financial plans of a company are primarily concerned with identifying goals and objectives and developing the process to achieve the goals. The process improves the company’s efficiency and accountability.
The long term generally means three-to-five years. Strategic Plans are essential for the growth and development of the company. For the strategic planning to be effective, there must be participation of both internal and external stakeholders.
For a strategic planning to be successful, it must possess the following key characteristics:
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