A business plan is a detailed plan showing how resources will be managed to achieve the strategic plan. It includes detailed operational and financial information such as budget projections, which indicate how the organisation will resource its activities and be able to meet is objectives in the future. Business plans often cover a 3 year period. A business plan is also used to present its feasability of a particular new initiative.
Principle 3 - An effective board will provide good governance and leadership by ensuring delivery of organisational purpose
The board has ultimate responsibility for directing the activity of the organisation and delivering its stated purposes. It will do this by:
A key function of the Management Committee is to determine the direction and scope of the organisation over the longer term. This is usually reviewed on a 3 or 5 year basis through a process called strategic planning.
What is strategic planning?
Strategic planning is the process of: