Financial planning and budgeting

Financial planning is the preparation of an overall business budget, taking into account a company's existing resources and focused on ensuring its economic viability and achieving the long-term financial profitability objectives established in advance. A business without planning and objectives is a business without long-term success. Businesses must identify where the company sees itself in the short, medium and long term.

To do this, intermediate objectives must be set and these, in turn, must be supported by strategies. The economic and financial details of the strategies devised to achieve the objectives are set out in the organization's financial plan.