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Financial planning is the plan needed for estimating the fund requirements of a business and determining the sources for the same. /Filter /FlateDecode It's called "financial planning" for a reason: Plans evolve and change just like life. stream %PDF-1.5 … {xl��Y�ϟ�W.� @Yқi�F]+TŦ�o�����1� ��c�۫��e����)=Ef �.���B����b�nnM��$� @N�s��uug�g�]7� � @��ۘ�~�0-#D����� �`�x��ש�^|Vx�'��Y D�/^%���q��:ZG �{�2 ���q�, Effective financial planning and management are vital for the successful generation, safekeeping, and use of funds to achieve program objectives. /ColorSpace /DeviceGray /CA 1 /BBox [0 0 456 455] >> endstream endstream /I true /SMask 12 0 R TS:�����@����%0�8$��� �X�������*��L,LbL�L�L�����@�̭���F��@�����Rx(��� H�0���e��a0Z�n�C��+�0�����CUU�p^f0e�g�b0g�e�a�f��e�]�`ǰ�a5�5�U��ٹ@Yk+�� P�����π�1t�|�_ ���/ /BitsPerComponent 8 It is one in a series of guides which has been developed and published by Alberta Economic Development and Tourism (ED&T) to assist small business owner/ operators in Alberta. /Resources 5 0 R /XObject >> 1. � h��V�nI��~���67 !�Y��pv�����n�#�3�f�~����ܜ"$k�՗:U]է��4B /BitsPerComponent 1 Description Page No. endobj /Filter /FlateDecode << 6 0 obj Topics such as, project appraisal, financial planning, portfolio management and securities analysis, working capital management and capital budgeting decisions, strategic management, business policy; strategic analysis & planning have been written keeping in view the financial and strategic management principles ... 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The foundation for Budgeted Financial Statements is Detail Budgets. 3 0 obj T(�2�331T015�3� S��� >> /Type /XObject /Filter /FlateDecode It is the process of framing financial policies in relation to procurement, investment and administration of funds of an enterprise. >> Applicability of the Practice Standards A financial planning professional should always consider all aspects of the client’s financial situation in 4 0 obj stream /SMask 10 0 R /Type /XObject Financial planning is a continuous process of directing and allocating financial resources to meet strategic goals and objectives. It may become necessary to adjust the particular components of your plan in light of changing circumstances and evolving objectives. This section of the text introduces the financial planning process, demonstrates the use of /BitsPerComponent 1 endobj /Type /XObject /Width 2480 endobj >> �,,��l��u��4)\al#:,��CJ�v�Rc���ӎ�P4+���[��W6D����^��,��\�_�=>:N�� ������, �� U]�M�G�s�4�1����|��%� ��-����ǟ���7f��sݟ̒Y @��x^��}Y�74d�С{=T�� ���I9��}�!��-=��Y�s�y�� ���:t��|B�� ��W�`�_ /cR C� @�t������0O��٥Cf��#YC�&. >> /Filter /FlateDecode << /Interpolate true /Subtype /Image stream endobj /ca 1 /BBox [0 0 595.2 841.92] << 10 0 obj Financial planning helps consumers determine whether they are on track to meet their goals and outlines their path to overall financial success. This research investigated the practice of personal financial planning among individuals and households in Kuala Lumpur. endstream << Once such opportunities get recognized the managers can recognize the actions that need to be taken to realize them. /CS /DeviceRGB x�+� /ca 1 /a0 /Length 82 /Width 2480 endstream endobj 358 0 obj <>stream /BBox [0 0 596 842] Financial Planning is the process of evaluating and managing the utilization of financial resources optimally for the achievement of an organization’s goals and objectives. /S /Alpha Financial planning helps insulating businesses from myopic policies and practices, and aids in mapping out its financial future. x���1  �O�e� ��� /S /Transparency Financial planning is the process of achieving your life goals by using different investment options with your current resources through proper and disciplined money management. stream /Type /XObject A comprehensive rate study shall be completed at least every five years or when major projects and/or expenses are anticipated to occur. endstream x�+�215�35S0 BS��H)$�r�'(�+�WZ*��sr � >> ... we recognize that financial statement audits performed under the Chief Financial Officers (CFO) Act of 1990 would ... is this comprehensive discussion of the audit process. Financial Planning is an ongoing process to help you make sensible decisions about money, and it starts with helping you articulate the things that are important to you. /Interpolate true �q�uʊ$��H�1֪Xd��%X�B��@�` �VK t��M8b�:������šH�б�jx�e ��j�Z�00�%�^�C��h�c�0����2�c��m���D�H3��Ԇ���9΀��I"�X ���4�r7�r��Cs��l�(�YYd6�T6�����@�عT� ���q3؎����ϞQ�d,���q�?���^�K�z*���n���S�h���8���{,-�o׎^|��c�{G��p�O�[:��^u���l�y���;��ͺU��]�@M$�G�*/J�Enʩ/��Մ�3 ��jSΚɷ/�i5s�u���)���^�޲ț��A����:�::r��;��-F�F�����r�l��{8�a/�YQ^�� endobj /Subtype /Form /G 13 0 R 0 /Resources << The role of each element of planning, budgeting and forecasting is outlined below: PLANNING A top-down strategic plan that ... fall out of the traditional planning process, creating a natural incentive to set low and easily achievable targets, as well as … Financial Planning is the process of meeting your life goals through the proper management of your finances. Goal Setting • Financial Planning process begins with Goal Setting • Goals may be short term (take less than 12 months to achieve) or long term (take more than 12 months to achieve) • Goals may be focused and specific (establishing a budget) or comprehensive (retirement planning) • Goals sometimes compete for available Funds; they sometimes overlap; and sometimes interact • Goals … /XObject Detail /ca 1 ChapTeR 2: planning for your system’s financial future 11 ChapTeR 3: annual operating budgets 14 ChapTeR 4: Oversight and monitoring of financial performance 19 Monitoring the annual budget 19 Standard financial statements 21 The balance sheet 21 ... process. %%EOF This note covers the following topics: Financial Goals and strategy, Managerial Implications of Share holder Value creation, Financial Strategy for Capital Structure, Capital Structure Planning and Decision Making, Dividend Policy and Value of The Firm, Dividend Policy and Valuation of Firms, Lease financing and Hire Purchase, Financial … endstream endobj 357 0 obj <>stream endobj /Subtype /Image 353 0 obj <> endobj << /Height 1894 << 2.0.1 Financial planning is usually executed by following a process with the following steps: Availability of Sufficient Funds: To make sure that sufficient funds are available for meeting day-to-day expenses, purchasing long term assets, and dealing with unforeseen costs. endstream /Type /Group The initial interaction and establishment of Financial Planner & Client Relationship. << �[i&8n��d ���}�'���½�9�o2 @y��51wf���\��� pN�I����{�{�D뵜� pN�E� �/n��UYW!C�7 @��ޛ\�0�'��z4k�p�4 �D�}']_�u��ͳO%�qw��, gU�,Z�NX�]�x�u�`( Ψ��h���/�0����, ����"�f�SMߐ=g�B K�����`�z)N�Q׭d�Y ,�~�D+����;h܃��%� � :�����hZ�NV�+��%� � v�QS��"O��6sr�, ��r@T�ԇt_1�X⇯+�m,� ��{��"�1&ƀq�LIdKf #���fL�6b��+E�� D���D ����Gޭ4� ��A{D粶Eޭ.+b�4_�(2 ! For you, Financial Planning might involve putting Financial Planning has got many objectives to look forward to: Title: review of literature financial planning and … /Type /XObject stream /Type /XObject }w�^m���iHCn�O��,� ���׋[x��P#F�6�Di(2 ������L�!#W{,���,� T}I_��O�-hi��]V��,� T}��E�u << /CA 1 Need of Financial Planning 2. �0�{�~ �%���+k�R�6>�( >> h�b```b``�d`g`�eb@ !V�(GT��& �n>ϐ]zz�'#�V�� � �4��F_+�k������d���v����V;6�6(8;9�4bw�+�m=3n�>(��8�;�p��n��3�_��(�� �5)nY�{�}Zw43)/��ĉ�W�{r��3\��3�K�mu�`��w�lg��Nxf��f��l�9����K��}L���mv�]j��u���%�y�bʜe��;%{������;fb'�+k5�*H��m8y��Yd��&�b'���Qe\uOc��������A4�ɜc�� ��,�FHI�&�� (�V�������QI�j The output from financial planning takes the form of budgets. Financial planning is the task of determining how a business will afford to achieve its strategic goals and objectives. Say for example the government plans on promoting cottage i… C�|�@ ��� In practice, while undergoing the financial planning process, a risk profiling questionnaire helps to identify each person's risk taking ability. Rather, it is about the big picture: bringing together all aspects of personal finance to achieve /Type /XObject /Length 50 >> 6 financial planning process 10 the power to change lives 13 resources 14 the stethoscope and the importance of coaching 16 client meetings 17 discovery & planning 18 marketing 20 the client experience 23 lifetime cash flow modelling 26 what it takes to be a good financial planner 27 (why) don’t all financial advisers do it this way? The growing mechanisation of industry is bringing rapid changes in industrial process. << >> /Length 106 453 0 obj <>stream He added that "Initially, we remain conservative and gradually increase risk in the investor's portfolio to make it more … /Subtype /Image Financial Planning using Excel 6 when the key players responsible for the forecasting process change. "Still, we don't strictly go by what the results show and over a period of time we conclude what the person's risk appetite is," said Oberoi. 8 0 obj Many government budgeting and accounting systems ... ment commitment to the process and the willingness of pro-grams to give up some or all of their activities (see Country Study 41-1). /Height 3508 Financial planning is an ongoing process in which it’s essential to monitor the progress of your investments within the context of your goals and periodically review all relevant information. Life goal can include buying a home, Saving for your child s education, planning for your retirement etc. %PDF-1.5 %���� x���1  �O�e� ��� stream Throughout the work of the committee, Dr. Knoll’s insight, suggestions and support were /Resources 4 0 R �%� ��yԂC��A%� x'��]�*46�� �Ip� �vڵ�ǒY Kf p��'�^G�� ���e:Kf P����9�"Kf ���#��Jߗu�x�� ��L�lcBV�ɽ;���s$#+�Lm�, tYP ��������7�y`�5�];䞧_��zON��ΒY \t��.m�����ɓ��%DF[BB,��q��_�җ�S��ި%� ����\id펿߾�Q\�돆&4�7nىl7'�d �2���H_����Y�F������G����yd2 @��JW�K�~T��M�5�u�.�g��, gԼ��|I'��{U-wYC:޹,Mi�Y2 �i��-�. /ExtGState /x19 9 0 R /Resources /Height 3508 A realistic look must be taken at the prospect of these new opportunities and SWOT analysisshould be done. the preliminary planning phase, at the end of the survey phase and at the start of the reporting phase. /XObject 11 0 obj /Height 1894 x���t�€������{E�� ��� ���+*�]A��� �zDDA)V@�ޛ��Fz���? >> The objective of project was to examine whether practice of personal financial planning has significant influence of family The financial planning professional informs the … stream >> %���� /Length 56114 Objective forecasts An objective or quantitative approach to forecasting requires a This note covers the following topics: Financial Goals and strategy, Managerial Implications of Share holder Value creation, Financial Strategy for Capital Structure, Capital Structure Planning and Decision Making, Dividend Policy and Value of The Firm, Dividend Policy and Valuation of Firms, Lease financing and Hire Purchase, Financial … << The earlier you start, the sooner you can enjoy the benefits – and the more time you have to grow your savings. << 9 0 obj endobj /Subtype /Form /a0 It is typically done for 3-5 years-broad in scope and generally includes long-term investment, growth and financing decisions. h�bbd```b``��i �y)XD̾"�T�� ���m&]�"q`v����`���d��h6s�� "��IƪD��U`�0���f���bY‹�g*Fb"TB�������EZ��60L2��]$�I�b`bd`�(?J �30ڟ0 |�q /AIS false /Type /XObject >> << endobj The Financial Planning Process Financial planning consists of six fundamental components – Financial Management, Tax Planning, Asset Management, Risk Management, Retirement Planning and Estate Planning. >> >> It essentially includes generating a financial blueprint for company’s future activities. endobj >> +�P�H(���J4�Dh��0���l�)�$1Z%�Ģ�"6 After reading this article you will learn about Financial Planning:- 1. Financial Planning for Small Business is designed to provide an introduction to the basics of financial planning. /ColorSpace /DeviceGray /x10 8 0 R /x6 2 0 R << �0FQ�B�BW��~���Bz��~����K�B W ̋o Financial Planning “Failing to Plan is Planning to Fail” Need for Personal Financial Planning Misconceptions about Financial Planning Milestones in One’s Life Planning for a Lifetime Financial Planning Process Macro Economic Factors that have Influence on Personal Financial Planning Personal Financial Statements Income and … /BBox [0 0 456 455] The Financial … << endstream organisations can seamlessly link top-down, strategic targets to financial and operational forecasts and report performance against such targets. Financial planning is more than just investment. -g�"�;c�$3�Eh�pl%54�Q�E޾::a /x14 6 0 R << /ColorSpace /DeviceGray /ca 1 The comprehensive process of financial planning can be elucidated with the following steps Step 1: Asses Current Situation: The financial plan clarifies the customer’s present situation by collecting and assessing all relevant financial information, including net worth and cash /Length 1076 endobj So Financial Planning is not only about money, but it is all about life, about fulfilling your wishes, dreams, aspirations and your enjoyment in achieving them. 12 0 obj /CA 1 The financial planning process is an integrated one; functions may be combined and/or revisited based on the ongoing relationship between the financial planning professional and the client. x���  �Om �i�� Misunderstanding 2 Financial planning is just another name for investing. /Filter /FlateDecode << endstream endobj startxref The ever changing socio-economic environment makes it mandatory for everyone to have a sound financial plan. This method of forecasting does not usually require much mathematical input and therefore a spreadsheet will play an accompanying role as opposed to a central role. Steps in Financial Planning 3. endstream endobj 354 0 obj <>>> endobj 355 0 obj <>/ExtGState<>/Font<>/ProcSet[/PDF/Text/ImageC]/Properties<>/XObject<>>>/Rotate 0/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 356 0 obj <>stream /Length 457 stream Below is the power point presentation (PPT) on the basics of Financial … 1 0 obj Strategic Financial Management by Calicut University. << Establish and define the relationship with the client. /ExtGState 58��u��X��v�ۏ�b��a�~1�a샿N��ys��a����C�. Monitor the Plan. /XObject /CA 1 Government pharmaceutical programs generally suffer The most widely used form of budgets is Pro Forma or Budgeted Financial Statements. Strategic Financial Management by Calicut University. Financial Planning is the process of estimating the capital required and determining it’s competition. /Interpolate true /Filter /FlateDecode This chapter introduces the financial planning process and is the first chapter in the four-chapter section entitled " Part 1: Financial Planning. " 5 0 obj << TABLE OF CONTENTS Chapter No. /a0 << 402 0 obj <>/Filter/FlateDecode/ID[<7D9856BB01CA47A9928BC5E78A354E92>]/Index[353 101]/Info 352 0 R/Length 164/Prev 1084621/Root 354 0 R/Size 454/Type/XRef/W[1 3 1]>>stream /Type /Mask These can sometimes be aspirations or material things, but often they are about you achieving peace of mind. /ColorSpace /DeviceGray Financial Management Process PDF: This is just the basic of all the different types of financial management process but there are lot more processes for different projects and companies. 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