Financial plans and budgets are essential tools for drawing up business actions in the short and mid-term and as well as to compare forecasts with current results. Periodic comparative analysis is vital to be able to make timely decisions aimed at the continued growth of your company or the transformation of your business.
When business planning, attempts are made to mitigate risks by formulating courses of action in different scenarios to take advantage of the opportunities and resources available, deciding in advance the financial needs and other resources, and their correct application to achieve the best combination of returns and risk.
The business planning process includes the design of the strategy: formulation of objectives, scenarios, alternatives, and selection as well as the implementation: formulation of plans and budgets.
Strategic and financial planning activities include:
Regardless of the size of your business, financial planning is an increasingly necessary function for your company to make informed and precise business decisions in an increasingly competitive business world.