Every mission starts with Planning. Apt Planning leads to achievements of Targets in a very efficient & effective manner. Therefore, it is always better to identify the objectives to achieve before allocating the resources.

Similarly, the process of financial planning involves the following steps:

• Identification of Financial Goals
• Categorizing of plans into Short Term; Medium Term & Long Term
• Understanding of Current Financial Resources
• Allocation of Resources to Identified Financial Goals
• Evaluating Alternatives
• Implementation of Financial Plan
• Monitoring & review

Please note, Monitoring & review is futile without undertaking corrective action, if required.

Planning Sets Financial Goal as a Benchmark to which Investment Growth is measured. Without a Goal/ Plan/ Benchmark, Execution is a futile activity.