Running head: FINANCIAL PLANNINGFinancial planningStudents
nameCourse name and numberInstructors nameDate submitted1FINANCIAL
PLANNING2According Lee, Lee & Lee (2009) financial planning for
a business refers to theprocess of assessing the amount of funds
that a business will require to attain its goals. Thisprocess also
encompasses, determining the source of those funds. Various
businessesnormally, come up with a financial plan after determining
their objectives as well as theirvision. A financial plan provides
a description of activities, equipment, materials andresources that
are requiredThere are many reasons why a financial plan is
important for businesses. First,financial plan enables businesses
to manage its finances in an effective way. In this case, abusiness
is able to account for its income, its expenditure, how much it
pays as taxes and itssavings. Additionally, a financial plan
creates a better financial understanding for businesses.When the
impacts of decisions are understood and measurable financial goals
are set in thefinancial plan, a good financial understanding is
achieved and results are well reviewed. Inthis case, the financial
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