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Compose a 500 words essay on Financial cost. Needs to be plagiarism free!Give at least five importance of financial planning to a business. Also, give specific examples how financial planning can be u
Compose a 500 words essay on Financial cost. Needs to be plagiarism free!
Give at least five importance of financial planning to a business. Also, give specific examples how financial planning can be useful to Softwood limited.Financial planning helps in effective cash management in a business. When a financial plan is developed, it helps in keeping a tight rein on expenditures during the low revenue periods. Another importance of setting up a financial plan is that a long-range view is presented. The business is able to focus on the issues which on a daily basis must be dealt with accordingly. The financial plan allows the business owners see what expenditures need to be made in order to keep the company grow and stay ahead of its competitors. It also helps a business since spotting trends is an easy thing. This is because a financial plan involves setting quantifiable targets which can be compared to results that are real during the year. It enhances expenditure prioritizing by conserving financial resources hence making the business successful. Measuring progress is also enhanced through the creation of a financial planning. Financial planning has helped Softwood Ltd control and manage cash flow in terms of revenue and expenditure. It has also helped in determining the current financial status and plan for future activities with respect to money. Its progress has been able to be measured due to financial plan availability.Information is data. The various factors that make information reliable are. accuracy, credibility, and flexibility.
