The purpose of long-term financial planning on a business

[Good-Person]

Well, the main purpose of long term planning is to gain financial benefits and generate as much revenue as possible. A company with a good financial plan is more likely to fail. Moreover, financial plan does not alone mean monitoring finance. It includes each and every aspect of business including marketing.

 

[tyrim88]

In a terms of business, long time financial plan is very important and it's a imperative thing to be considered and made for business in which to run it successfully. The important of long time financial plan is to let the business practitioner has focus and guidance on business funding.

Long term financial planning on a business is very important,because business thrive on finance,and if the books are not properly aligned to meet future prospects in line with the companys vision,they will be cash traped when they see an investment they would want to go into,but would not have the funds to finance it.

 

[akinlolu99]

The purpose cannot be overemphasized because the straight truth is the main aim or purpose of any business is to make profit first then while the profit is rolling is making sure the business is such in a good sharp that it actually provides good and useful help to people one way or the other because the truth is a business could start and make a profit but over time if it is not adding any value for people generally they are bound to reduce in purpose thereby causing a reduction in the purchase by people.

 

[Yusuf]

Long term finanacial planning is very important in a business and if care isn't taken, One can stepped against his rules and stop making some decisions that could later affect the growth of the business in the long run

 

[kayode10]

Long-term financial plan for your business make it pretty much easier to articulate all the necessary things need for the business to grow in the future. This is reason why business plan and financial plan go in hands and they are very important.

 

[Hena101]

Any business that doesn't have a long-term financial plan is always going to struggle. Having a long-term financial plan does not mean that the funds are readily available or accessible, but simply mean that you have a set of strategies in place on how you wish to generate funds in the long run.

Of course it will struggle in any aspects not financially alone because it clearly shows there is no plan to make sure it's established for a long time.

 

[Alexandoy]

Well, the main purpose of long term planning is to gain financial benefits and generate as much revenue as possible. A company with a good financial plan is more likely to fail. Moreover, financial plan does not alone mean monitoring finance. It includes each and every aspect of business including marketing.

The long term goal of a business is not just for the profit but more for the growth and expansion of the business. Some business starters say that they want to have 5 branch outlets within the year and maybe 50 more after 5 years. That is one example of long term planning on a business.

 

[Good-Person]

The long term goal of a business is not just for the profit but more for the growth and expansion of the business. Some business starters say that they want to have 5 branch outlets within the year and maybe 50 more after 5 years. That is one example of long term planning on a business.

We cannot expect the things to go our way every time. I am quite aware of the fact tha tthere are many people who do plan to open many outlets but end up struggling to run the current outlet they have. Opening more than one outlet also depends on how much profits you are making or how much money you have to invest.

 

[Bousine123]

It's important so you will not go bankrupt at a certain point. If you lack money you can also fall back to it to help you out.

 

[Chibson]

Financial planning is very important in business administration. Any business that doesn't have enough financial knowledge will not succeed.

 

[Heatman]

Well, just like the name suggests that it's a long term business investment, it's something that is targeted towards making you to be financially stable for years to come in the future.

 

[Chizfab]

Long term loan gives you the ample time to run your business with the loan and be have returns and still pay back the loan without delay. In the other hand, it also gives you the peace of mind to carry out your business with feeling threatened.

 

[tuna89]

Thanks for sharing these information, financial standards are very important when it comes to survival in business, these enables continuity of business.

 

[Psalmseen]

Every business must have a long term plan for that is what will serve as the blue print for the business. The aims, objectives and what the business must have achieved at a particular time will be stipulated therein.

 

[Heatman]

As far as I'm concerned it's very important that you make a long-term financial investment because it is true that short-term Investments are good but long-term investment guarantees more success.

 

[Thinker009]

Long term financial plan is very important for a business , because you could actually make plans on the way and methods you want to improve your business greatly

 

[Alexandoy]

Long term financial plan is very important for a business , because you could actually make plans on the way and methods you want to improve your business greatly

I agree that a long term plan can help in the progress of the business particularly for the growth. If the period is programmed for the expansion then it can also serve as motivation not only for the owner and manager but also for the loyal staff that you have.

 

[jeff87]

A strategy for the potential financial development and expansion of a business is generated by long-term financial planning. These types of decisions have lengthy lead times and require a long-term outlook on how the plan will be executed. The plan makes certain predictions based on factors such as future economic prospects, interest and inflation rates, estimates of commodity prices and revenue, and evaluations of the market climate based on particular regulatory and tax structures. The aim of the plan is to set financial targets that result in the successful realization of long-term financial goals once achieved.

Do you know any results if a business does not have this? Please share your thoughts about this. Thank you

Yes I agree with you to make financial long term planning. That means before things could happen you already have plans of action. You are foreseeing what will happen to your business ten years from now.

 

[Thinker009]

I agree that a long term plan can help in the progress of the business particularly for the growth. If the period is programmed for the expansion then it can also serve as motivation not only for the owner and manager but also for the loyal staff that you have.

Yesh the long term plan would actually increase the desire you have to make your goal and dreams come true , that I the reason many business are going for it too

 

[btaliat]

A business that has foresight always think of long term investment. That's why most business owners always pump their gains in their business in the first year.