Most companies have some kind of strategic planning process, which in theory is linked to their budgeting for the following fiscal year. But in practice, strategic planning is rarely coupled with budgeting. Too often strategic plans are merely guidelines serving as context for the budgeting process. On the other end of the spectrum, most successful companies have processes in place that closely track and
link budgets with their strategic plans. This paper will define the most common pitfalls that affect long-range planning, help diagnose the issues, and suggest potential solutions.
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