The purpose of long-term financial planning on a business

[Blessedsam60]

This purpose is as good as anything. Long term financial plan has to be written to avoid Missing your daily, monthly, yearly or bi annual target

 

[Immilash1]

As an entrepreneur you need to have a long financial state for your business. Not doing that might leads to business failure. Business is all about money to start it up before any other thing.

 

[Godspower]

Long term planning is very essential to the growth of a business. It does not only help the financial aspect, it also helps in the quality of goods and services produced by an organization.

 

[Mayox25]

When it is always said how important having a business plan is, this is one of the things it ought to take care of. Making long term financial planning for the business, making financial projections,not only that it entails also making projections for product, customer base and the likes.

 

[Kaffyfolla]

Long-term financial planning combines financial forecasting with strategizing. It is a highly collaborative process that considers future scenarios and helps governments navigate challenges. Long-term financial planning works best as part of an overall strategic plan.

Financial forecasting is the process of projecting revenues and expenditures over a long-term period, using assumptions about economic conditions, future spending scenarios, and other salient variables.

Long-term financial planning is the process of aligning financial capacity with long-term service objectives.

Financial planning uses forecasts to provide insight into future financial capacity so that strategies can be developed to achieve long-term sustainability in light of the government's service objectives and financial challenges.

Many governments have a comprehensive long-term financial planning process because it stimulates discussion and engenders a long-range perspective for decision makers. It can be used as a tool to prevent financial challenges; it stimulates long-term and strategic thinking; it can give consensus on long-term financial direction; and it is useful for communications with internal and external stakeholders.

 

[Shigobad20201]

The purpose of a long term financial plan on a business is to safeguard , and to plan ahead , to have extra and secure fund for the business to secure its future and to tackle future problem with expenses.

 

[Elfinito]

When making a long-term planning of your business you must also understand that the end economy is unstable and at any instance it can change which would definitely affect your plans.
So I support a short-term planning and putting to work

 

[Toyoabasi]

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

Long term financial planning on a business helps curb unforeseen financial problems in the future. During the planning stage, the business owner gets to set strategies to attain a financial target.

 

[Good-Person]

Long-term financial planning is not always successful because the business can take turns at any time due to a change in the market conditions. This is what I have leaned when I just saw the conditions of businesses in my country. Pandemic also changed the business strategies of many businesses.

 

[Laurentta]

In my opinion, a business thst does not have a long term financial plan will not do well because when emergencies that require money comes up in the business, they will start running helter sketer due to lack of planning.

 

[Bookwormlux1]

Long term financial planning also helps you to make sure that you are not spending money recklessly, just like others who can't account for all they're earning.

 

[Hrtbeat]

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

The financial plan is a blueprint for continual improvement in the company's performance.
Long-term financing enables a company to align its capital structure with its long-term strategic goals, affording the business more time to realize a return on an investment.

 

[kayode10]

Long-term plan on your business allowing you to grow it to the stage where it established. You are giving the business require time to mature so that the company will be able to overcome many financial problems.

 

[greenie]

In a terms of business, long time financial plan is very important and it's a imperative thing to be considered and made for business in which to run it successfully. The important of long time financial plan is to let the business practitioner has focus and guidance on business funding.

 

[Ononivami1]

The long term business plans will enable you to have a glimpse of the future of the business. And it will also make the business owners work towards achieving the set business plans or goals.

 

[Setho]

Everybody whenever they start your own business usually have the goal of becoming financially free windy and if you want to acknowledge that then you have to be very good in planning. It does not matter how long you take in order to arrive at a very good plan but at the end of the day you should make sure that it is something positive.

 

[Shigobad20201]

Long-term plan on your business allowing you to grow it to the stage where it established. You are giving the business require time to mature so that the company will be able to overcome many financial problems.

A long term financial planning always helps you in making decisions to run a business successfully and most of the time helps you in solving a lot of problems in business.

Long-term plan on your business allowing you to grow it to the stage where it established. You are giving the business require time to mature so that the company will be able to overcome many financial problems.

A long term financial planning always helps you in making decisions to run a business successfully and most of the time helps you in solving a lot of problems in business.

 

[tyrim88]

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.

not only in terms of generating funds but income is very pivotal in the running of any business,the issue of being relevant must be delibrate and need to be put in the front burner when decision is being made in the organisation.

 

[Shigobad20201]

One of the purpose of long term financial planning on a business is that financial planning normally secures the future money spending plan of an enterprise's so that the business wont have difficulties in spending.

 

[kayode10]

You will not be too desperate when you have a long time financial plan for your business or investment. This will able to allow your business to undergo a natural growth. This is how to build a long-lasting business that will stand the test of time