ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The financial plan describes each of the activities, resources, equipment and materials that are needed to achieve these objectives, as well as the timeframes involved. The financial planning activity involves the following tasks: Assess the business environment. Confirm the business vision and objectives.

Detailed explanation-2: -A financial plan is the most important thing a small business needs. It’s a road map, a guideline, a reminder of what your goals are–what you are trying to achieve in the short-term and the long-term. It lays out what your possible costs are, and it seeks out to address avenues for how to manage these costs.

Detailed explanation-3: -Strategic financial planning is the process of determining how a business manages itself financially to ensure it achieves its goals and objectives for both the short-term and long-term.

Detailed explanation-4: -Envision your short-and long-term future. Categorize financial goals as short-, mid-, or long-term. Set a target date for your financial goals. Prioritize your financial goals: Critical, need, or want. Layer in the current state of your savings. 18-Oct-2022