The famous baseball player Yogi Berra quipped: "If you don't know where you are going, you might wind up someplace else." Re-stated in financial terms, "If you don't know what your priorities are, you might spend your money on the wrong things." Accordingly, institutions prepare strategic plans that define where they want to go in the future: their aspirations, their priorities, what they want to accomplish. Developing and implementing an effective plan requires skill and patience in balancing the competing needs for specificity and stakeholder "buy-in." Although strategic plans do not define institutional priorities in specific financial terms, they set the stage for financial details inherent in the budget. That is, the institution's priorities are aligned with the budget. This webinar will present methods for developing a strategic plan and aligning it with the budget.
1. Develop a strategic plan template
2. Balance specificity and stakeholder "buy-in"
3. Align the strategic plan with the budget
4. Implement the plan