The purpose of long-term financial planning on a business

[Waqas wajid]

Before doing any work, it is planned. Yes, the money is calculated, how much money is used to start the business and how much money is put into the business

 

[KvngMurphy]

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.

I totally agree with you because businesses are based on long term financial plans. A business can not thrive on a short term at such they are built on long term plans with goals to accompany them. While at it, funds are necessary to match up with the plans on a long run

 

[Waqas wajid]

Before doing any work, it is planned. Yes, the money is calculated, how much money is used to start the business and how much money is put into the business

 

[Frank]

I totally agree with you because businesses are based on long term financial plans. A business can not thrive on a short term at such they are built on long term plans with goals to accompany them. While at it, funds are necessary to match up with the plans on a long run

Most businesses that have gone through to become quite successful didn't have it easy in the short term. The short term is when the business may be running at a loss and there is nothing that the owner can do at that moment then to keep investing. So, understanding everything about how to hold on in the business for a long time is very important.

 

[Irfan Aslam]

Long-term plan, if you go to companies, is essential to a business company and you really want to make it, it's very good to planning in the longer term. It should benefit a man the long-term business plan is very important for any business organization if you are going to businesses.

 

[Atif3786]

Long-range business planning helps business leaders to think differently about the company's direction. It also provides motivation and insight into the type of performance necessary to meet business goals. This is especially important when significant internal change is required to maintain competitive advantages.

 

[Sammyesx]

Planning is a very essential part of a business, making profit is not the entire goal of a business, a good business owner should have a long term plan for his or her business in other to keep the business afloat for a long period of time, which most often include expansion.

 

[Afrinish]

A financial plan is a statement of what needs to be done in the future to achieve company goals.

Long-term financial planning is required to implement decisions that have long lead times. For example, if a company wants to build a factory next year, contractors probably have to be lined up this year.

Financial plans are made up of the combined capital budgeting analyses of each the firms projects. So, the smaller investment proposals of each operational unit are added up and treated as one big project.

 

[Esther]

The purpose of long term financial planning is that 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.

 

[Zevin]

If you are going to stay in the market for a long time, you need to make long term strategies. Long term strategies mean you are not thinking about short term gains. Long term strategies involve starting small, then gradually investing more. If you have a backup plan, in the situation when the business fails, you will not incur a big loss.

 

[EMMANUEL]

Long-term financial business is that kind of business that I believe will require good financing because it requires h huge concentration and serious commitment towards achieving your business strategy, looking forward to a huge purposeful long term business ideas.

 

[Dowenship]

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

Not all business that have a long term financial plan I can boadly say that 70% good business does not have long financial term but start up and maintenance.
Quote of the day
Stay focused: don't be distracted with worldly activities, it will stray you out of course of destiny: always stay focused

 

[Ezzyoj]

It is very important for everyone to have a long term financial planning. Even as an individual or as an organisation having long-term financial planning is important and compulsory. The only best thing you can do for future is to have a plan of how you want it to be.

 

[Sariana23]

These are the essential stages for long-term financial planning.Some things I have learned is that you must identify and quantify what are the sources of income, including the sale of products, services and also other income, and you must also identify and quantify the costs, for example personnel costs, finance costs, etc.

 

[Sanusi]

I think the purpose of long-term financial planning on business, is to explore, globalize the business in other to have a greater profit. Long term planning on business will not have a rapid effect but on a long run, that's when long term planning is crucial.

 

[sam386150]

To be a successful businessman you don't need to be in a hurry in anything you want to do, before you open a business make sure you use a very long time and think about the nature of business you want to open, invite someone who has similar experience to show you one or two things about the business.
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To be a successful businessman you don't need to be in a hurry in anything you want to do, before you open a business make sure you use a very long time and think about the nature of business you want to open, invite someone who has similar experience to show you one or two things about the business.

 

[Princeeffiong]

When we talk about business we are talking about makeing profit on the money we have invested in a business. As soon as a business idea is conceived there is need to start saving up for the growth of the business. There should be a long term business plan towards the business you have in mind.

 

[Tinaconcept]

Long term financial plan is very important for a business this is because apart from those short term financial plans needed the fact still remains that at the long run funds will be needed for the day to day running of the business and that is when the financial plan will come to play

 

[zahidhussain]

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.

Any buisness which can b start without long financial planning is not successful.Long term planning have not meaning huge funds are aviavailable and accessable it means that your planning about future and strategy about economic in coming 10 year

 

[FreshKaz11]

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

Well it's cool to have a long time plan fire your business,but capital should not be the reason why you keep planning for your business for a long time purposes. Once everything is intact so you could have a proper planning on how to run your business you are about to start for a very long period, without been lack of funds if needed when you start. But when you are having a long time planning of your business, much funds to backup when started should be among the plan as well.