Question

Explain financial planning and its various stages

Answer 1

Financial Planning is the process of estimating the capital required and determining it’s competition. It is the process of framing financial policies in relation to procurement, investment and administration of funds of an enterprise.
1. Step 1 in Financial Planning: Establish the Goal / Relationship.
2. Step 2 in Financial Planning: Gather the Relevant Data.
3. Step 3 in Financial Planning: Analyze the Data.
4. Step 4 in Financial Planning: Develop the Plan.
5. Step 5 in Financial Planning: Implement the Plan.
6. Step 6 in Financial Planning: Monitor the Plan.