Washington, Dec. 12, 2022 (GLOBE NEWSWIRE) -- Washington, Dec. 12, 2022 (GLOBE NEWSWIRE)--GoodFirms, a globally renowned research, ratings, and reviews platform, recently released its new research report - "Financial Planning: Top Tips from Business Experts." It aims to analyze all critical elements of financial planning, its objectives, benefits, and challenges. The study also gives some valuable tips for small businesses to perfect their financial planning processes.
The research report from GoodFirms points out that financial planning is crucial for organizations to support the sustainability and profitability of their businesses in the long run. The report begins with an overview stating that a strategic financial plan quantitatively evaluates a business’s financial strength, and ascertains its capability to sustain various market situations. “It can also act as a financial warning system”, highlights GoodFirms.
GoodFirms further asserts the importance of having all the below-mentioned components in a financial plan: Accounting integration, budgeting, forecasting cash management, consolidation/roll-up, expenditure tracking, financial reporting, investment management, revenue recognition, risk management, and tax management.
Goodfirms survey also highlights the benefits of financial planning, such as: helping businesses achieve their goals, enabling businesses to efficiently manage cash flow, guiding organizations for better investments, easing raising funds for the business, creating strategies to mitigate risks, etc.
A financial plan ensures that the business is well-prepared for any unforeseen circumstances, says GoodFirms.
The research analyzes the key challenges businesses face while curating financial planning, like: unforeseen costs, revising the financial plan regularly, negligence in necessary reporting, and untimely payments.
The research further collates the top tips for financial planning and experiences shared by prominent business experts and top executives. Aiming for clear goals, conducting a proper cash flow analysis, maintaining sufficient liquidity, discovering new fund-raising options, prioritizing taxes, adhering to budget strictly, etc. are a few of the tips that businesses can follow to ensure their financial planning objectives are met without a default. Further, the research also highlights behavioral finance and collaborative financial planning concepts.
GoodFirms concludes that the financial planning of a business plan is crucial. Focusing on this will help a business achieve all its financial goals, and be prepared for unexpected challenges.
Key Findings:
- Financial planning is about a business plan's financial section.
- Budgeting helps businesses to keep their efforts aligned with their goals.
- A financial plan is crucial when raising funds for the growth of the business.
- Maintaining a healthy cash flow is necessary to keep a business going.
- Businesses must focus on liquidity to be ready for any emergencies.
- While preparing a financial plan, business owners must prioritize taxes.
- Investing in professional help for financial planning is always a great idea.
About Research:
GoodFirms research-"Financial Planning: Top Tips from Business Experts" explores unique insights into financial planning and its essential aspects. The research also analyzes the basic components of a financial plan and the benefits financial planning offers for a business.
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