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Financial Planning

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Running head: FINANCIAL PLANNING 1 Financial Planning Author: Institution: Date: FINANCIAL PLANNING 2 Abstract The process of financial planning is very vital to the success of a business. Financial planning is discussed in this paper. This essay also describes why financial planning is necessary for a company. Additionally, presented in this paper, are the reasons why planning financially is essential and beneficial to the business. Furthermore, the consequences of a financial plan done inaccurately are also outlined and explained. Keywords: financial planning FINANCIAL PLANNING 3 Financial Planning Financial planning is an ongoing process of moving and allocating financial resources to achieve strategic goals. These objectives, can either be personal or for a business. Two factors affect the direction of individual financial plans, namely: age and income. For example, young people view financial planning as income management while older people see it as planning for their retirements (Stanzak, n.d). Since life is not predictable, financial expenses cannot be forecasted. Therefore, financial plans can change or can be adjusted over the years. For a business, financial planning captures the big picture outlook of the company's finances. Each financial decision made by a company may affect another financial aspect in the firm; hence, each element must be observed from another relating aspect's perspective when designing a productive business financial plan. Financial ...
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