Financial planning is a sub-subject studied under finance, it provides the student with an understanding of the process for the financial planning of an organisation or a business. It teaches the students, the various methods to analyse the financial statements and how to come up with a concrete financial plan that is in the benefit of the organisation. To put it in a few words, financial planning is the process of evaluating the current financial situation and on its basis make prediction and plan for the future financial decisions.
Financial planning is an easy enough subject, which means it is the most avoided and here is where the trouble arises, though it is a theoretical and simple enough concept to understand, the number of words to write in its assignment is enormous and students often fumble with a partially complete assignment. The length of the assignments is so huge that it could make even the best weak at the knees. Therefore we at EssayCorp have writers who are highly qualified and are at your service 24/7 to provide financial planning assignment help. We also provide financial planning homework help with the best and the recent case studies if you so require.
Process of Financial Planning
Following Are the Detailed Steps That Is Followed In Financial Planning
This is the first process in financial planning and it is one of the most important step. This is the step where you evaluate the financial situation of the business with the help of various books of account, like the financial statement of the company. The focus of the analysis should be on the income and expenditure of the company; asset and liabilities of the company; and the risk, tolerance, and capacity.
The success of this step largely depends on the fact that all the information gathered are accurate and complete; it must be communicated to the financial planning advisor and he must be qualified. We at EssayCorp have experienced financial planners who work with us to deliver to you financial planning assignment help.
After you have identified the financial position of the company, the next step in the process is to develop a financial goal. A specific dollar goal must be set to be achieved in a given time frame. You must prioritise your goal, achieving the vital one's first, the consumers choice and limitations also must be analysed, as they are also a factor that can affect the outcome your business or your financial goal.
Once this goal is developed, and the respective plan of action is identified that is in sync with the goal, need, and priority; the plan moves on to the next step. There are many factors involved in the development of a financial goal, our writers cover all of them in the financial planning assignment help.
Your financial goal is determined and the course of action is set but a good decision always has a backup plan. So, you must develop an alternative course of action, if the original plan fails then you are ready with the second plan.
The alternative course of action could include, expanding the existent plan or moderating the plan to match the situation or completely taking a different route.
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Once the alternatives are set, the next step is to evaluate the viability of the alternatives. This involves the proofing of the alternative, one need to observe the goals and also evaluate the economic conditions which might cause hindrance in the plan.
Now that a few plans are in place, the next step is to choose one of the plans, in economic terms it is called opportunity cost, the cost of choosing one plan costs the rest. One must also factor in uncertainties, the identification of the risk and taking precautionary measure could help move forward in achieving the financial goal.
In this step, we move towards the actual action for which we have been preparing, that is the implementation of the plan to achieve the set financial goal. The short-term goal must be focused on first and then the plan moves on to the next goal. In the process of the implementation of the plan, you may have to involve other parties that can help you achieve the goal.
Implementation of the goal is the easy part, the process that builds up to the plan is what is most important. This is just a brief explanation, to have a detailed report or assignment, you can come to us for financial planning assignment help.
Now that the plan is implemented the next step in the process is to review the plan. Periodically the plan must be monitored to evaluate any changes in the financial environment like the change in government policy or the market condition. Changing market trend and the personal financial condition of the planner could also affect the financial plan.
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