Financial planning is basically a process how a business will survive to achieve goals and objectives with planned strategy.
Every company creates a business plan according to their objective. Financial planning is the step by step process to describe resources activates material, equipments etc. needed to achieve required task or objective.
Financial Planning involves:
- Process the business scenario
- Clear the aim or objective of the business
- Various sources which are required to complete the objective
- Resources required to achieve the objective
- Categories total expenditure according to each resources carefully
- Create budget and also identify the risk
Implementation of financial planning is very critical process for any company or organization. It is totally depends upon the smart efforts of the organization with calculating risks with local market and international market and for further efficiency reward staff for achieving objectives with respect to budget.