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Financial planning. Influencing the decision makers.

E K Isaac

    AORN Journal
    |November 1, 1985
    PubMed
    Summary

    Financial planning requires aligning budget proposals with organizational goals. Decision-makers focus on the big picture, unlike budget preparers focused on daily operations, necessitating a holistic financial strategy.

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    Area of Science:

    • Business Administration
    • Financial Management
    • Organizational Behavior

    Background:

    • Discrepancies exist between decision-makers' focus on overall impact and budget preparers' focus on immediate operational and fiscal year concerns.
    • This divergence in perspective is particularly evident during the budget process.

    Purpose of the Study:

    • To highlight the importance of aligning budget proposals with broader organizational objectives.
    • To encourage a shift towards strategic financial planning that considers the entire organization's goals.

    Main Methods:

    • Analysis of differing perspectives in financial decision-making.
    • Review of budget process dynamics and their impact on strategic alignment.
    • Exploration of interdisciplinary influences on financial resource allocation.

    Main Results:

    • Budget proposals are often viewed as isolated segments rather than integral parts of a comprehensive financial plan.
    • Understanding the goals of governing bodies and chief executive officers (CEOs) is crucial for projecting financial outcomes.
    • Adopting a holistic financial planning approach is essential for enhancing competitive capabilities.

    Conclusions:

    • Effective financial management necessitates a strategic perspective that integrates budget proposals into the larger organizational financial plan.
    • Financial planners must consider the broader impact and strategic objectives to influence decision-makers effectively.
    • Overcoming resistance to a holistic approach is key to achieving financial goals and improving competitive standing.

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