Financial Goals Planning
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.