The purpose of long-term financial planning on a business

[Setho]

If you are starting a business then it is important that you should be able to think of the long-term implications over the short term because that is how the market works.

 

[Ralphjoe]

Any business that doesn't have a long-term financial plan is always going to struggle. Having a long-term financial plan does not mean that the funds are readily available or accessible, but simply mean that you have a set of strategies in place on how you wish to generate funds in the long run.

As far as I am concerned I need business that doesn't have a long-term financial plan is actually planning to fail because the business world is a very saturated word that if you are not strategic enough in your planning then it may get to a time where by the business to start experiencing some bad financial challenges.

 

[tyrim88]

This helps you set a target and a goal for your business. ALso it prepares you ahead for your business adventure. This can also be a financial management strategy used to control expenses. Though it’s not important but in most cases business owners without long term finacial planning finds it difficult to create a target for their business

One of the hallmark that will show a good business person or individual is his ability to make preparations for some eventualities,he needs to be able to forcast ahead of the future market and start making plans ahead of time.

 

[Senator]

The major purpose for a long term financial planning for a business is to get prepared for the future of that business in how to face the new challenges that may fave the business and joento manage expansion in the future

 

[Ralphjoe]

Businesses need to have a long term financial plan, as this can serve as a guide, or goal for the business. Also it helps the business plan ahead based on different market factors, unpredictable trends and all.

The purpose of long-term financial planning to a business is for that business to have continuity beyond even its original founder. It's a known fact that finance is the lifeblood of any business info any serious business owner will definitely plan ahead for any business finance so that the business can survive for a very long time.

 

[Good-Person]

It is much better to have a short-term plan rather than having along-term plan. You must plan each and every thing in stages and this is why it is much better to plan things accordingly when it comes to conducting business.

 

[Kunkun]

Considering the fact that financing is an important aspect of business management , long term finance planning is thus an aspect that one should be serious with , as it has a positive effect in the success of a business .
Companies makes this type of planning in other to avoid unforseen circumstances.

Yeah definitely and I agree too, the fact that financing would go a long way and an important part of business management, it is therefore important to take it serious and out in the right and necessary efforts

 

[Sotherefore]

It is much better to have a short-term plan rather than having along-term plan. You must plan each and every thing in stages and this is why it is much better to plan things accordingly when it comes to conducting business.

I don't really know how people can start planning for a business for a long time. if I am thinking of going into a business it will only take a lot a short time for me to plan out all the things I will need in my business for it to succeed.

 

[Maayong]

For a business to grow it has to have a long-term planning any business that doesn't have a long-term planning is always sure to struggle

 

[Jhayms07]

When it comes to business,it's all about patience and consistency. So I think long term financial planning helps to build consistency in business. Just like the saying goes,slow and steady wins the race

 

[Ralphjoe]

A strategy for the potential financial development and expansion of a business is generated by long-term financial planning. These types of decisions have lengthy lead times and require a long-term outlook on how the plan will be executed. The plan makes certain predictions based on factors such as future economic prospects, interest and inflation rates, estimates of commodity prices and revenue, and evaluations of the market climate based on particular regulatory and tax structures. The aim of the plan is to set financial targets that result in the successful realization of long-term financial goals once achieved.

Do you know any results if a business does not have this? Please share your thoughts about this. Thank you

I think the sole purpose of a business having a long-term financial plan is for the business to last or succeed for the very long term future to come. This is what most successful by corporations are put in place that has made them to stay in business for centuries.

 

[Tislad]

A business that does not want to fold up should always have a yearly plan so as to remain in business and they must have strong goals and reason to remain in business.

 

[Good-Person]

I don't really know how people can start planning for a business for a long time. if I am thinking of going into a business it will only take a lot a short time for me to plan out all the things I will need in my business for it to succeed.

It is always a better thing to plan things in a proper way and planning things in a proper way can definitely take time. I am planning to invest in crypto for a long time. However, I have not done so because I was not mentally prepared for it.

 

[Sotherefore]

It is always a better thing to plan things in a proper way and planning things in a proper way can definitely take time. I am planning to invest in crypto for a long time. However, I have not done so because I was not mentally prepared for it.

Mentally prepared to invest in cryptocurrency ? I think this is not actually the best option you should just have to understand that cryptocurrency is highly volatile and if you're investing in it you do not have to look at your wallet all the time ,you should be looking at your wallet once every month .

 

[Oliver4smile]

Another good thing a long term financial planning does for any business is that it helps to secure the future of such a business by preparing it for any unforeseen circumstances that may arise as a challenge.

 

[Good-Person]

Mentally prepared to invest in cryptocurrency ? I think this is not actually the best option you should just have to understand that cryptocurrency is highly volatile and if you're investing in it you do not have to look at your wallet all the time ,you should be looking at your wallet once every month .

I think there are many traders who trade daily. In fact, some traders even trade in crypto every hour, so yes, I think they do monitor the prices every time. You need to do that if you plan to invest in coin because of the fact that cryptos are highly volatile as you stated.

 

[Yhubee]

Long term financial planning is important for a business to succeed.within this time you can see where faults might come and prevent them,you can learn more and strategize more. But if you don't take time to plan you can rush and make mistakes.

 

[Good-Person]

Another good thing a long term financial planning does for any business is that it helps to secure the future of such a business by preparing it for any unforeseen circumstances that may arise as a challenge.

There are many businessmen and traders who do have a long-term plan but they need to change their plans when the situation and the condition becomes different. I think this is why long-term plans might not work properly. I prefer short-term planning and trading.

 

[Essy]

Did you know that statistics revealed that over 80℅ of new Start ups fail within the first year, why? Because they fail to see a long term strategy and a workable short term strategy to get them there

 

[Ralphjoe]

Businesses need to have a long term financial plan, as this can serve as a guide, or goal for the business. Also it helps the business plan ahead based on different market factors, unpredictable trends and all.

I couldn't agree more on this with you as I feel that any business that does not have a long-term financial plan it's not serious to succeed in business as a business is supposed to be a going concern without and expiring date so there should be no reason for a business not to have a long-term plan.