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This video covers the following subjects:
- What are the 6 steps in the financial planning process? - Financial planning early in your career - Financial planning - Professional - Savings - Retirement - Family - Investments
The main advantage of financial planning is that it allows a company to have clear business goals. When there is a good understanding of what money is available and how much can be expected, it is easy to set goals for different periods. Companies can plan for three, six, or nine months. It can also set goals for a year and beyond that period. Though everything may not happen as planned, it is good to have an idea and prepare for risks. With sound financial planning, organizations can achieve most of these goals.
Various steps in financial planning help to manage cash flow efficiently. It will allow companies to know how much revenue they will earn in a particular period. There will also be a concrete plan of how they will use this cash. Budgeting is part of the process, and it will help make sure that you can pay regular expenses that are part of a company’s operations. It is also possible to meet unexpected costs when there is good cash management. It helps to continue development works as planned.
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