Financial planning: 6 hints for successful business

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6 hints for successful business financial planning

In financial resources, companies cannot grow or even stay in the market, so it is important to learn how to do proper financial planning.

Small and medium sized companies seek to have a well-constituted planning strategy, which allows them to have a short, medium and long term plan of action. This will result in efficiently and satisfactorily fulfilling each of the objectives set.

In the broad world of finance, the term “planning” is known as the process of preparing a comprehensive, organized, detailed and customized financial plan that meets the needs and objectives of each company.

In this respect, the consultant in business management and financial direction, Mario Camino, recommends key points to follow for a correct and satisfactory business financial planning.

1. Current situation

This is the starting point of any financial planning. Here, the company’s current limitations and resources are made known, which will determine, in the short term, what can and cannot be done.

For this analysis to be effective, true and accurate accounting and financial information must be available, so that no mistakes are made from the outset.

2. Establish objectives and deadlines

The company must make a list of measurable, achievable and targeted objectives that become a priority; this will allow the company to evaluate how they will perform in the area to which they belong.

Likewise, a responsible person should be delegated to get involved in the strategic projects of the whole organization and develop an action plan detailing the budget, personnel, working hours, expertise, among other resources, to be allocated to each objective.

3. Incorporate hypotheses where financial planning would be carried out

Based on the current situation of the company, the values of possible variables such as sales, costs, among other points, should be projected according to the strategy that the organization works.

4. Elaboration of financial information

The organization must work on detailed information of the accounting statements of income measurement, expenses, results, cash flow, medium and long term financing needs, among others.

5. Financial planning: financial decisions

At this point, the financial information obtained should be analysed in order to validate the results obtained, to see whether or not they are in line with the strategy established at the outset.

It will also be evaluated at the cash flow level, how the new capital needs will be financed (through contributions from shareholders, bank loans, etc.), how to invest and make the surplus profitable.

6. Monitoring, control and risk management

Financial planning requires, in an indispensable way, the follow-up of indicators that allow the constant monitoring of the progress of the proposed objectives. This will allow the control and management of external risks to the company, which may deviate from meeting the proposed goals.

An example of risk could be determined by changing the company’s goals, as well as fluctuations in the price of an input, whose value depends on an international market.

Many of these risks can be partially or totally resolved; in the case that it is not possible to do so, the impact that could occur in the company must be evaluated, and with it, actions must be taken that make it possible to minimize them, or in the best of cases, to eradicate them.


In this way, and following the points mentioned, financial planning should be considered as an activity that, as it is executed, becomes a fundamental and essential tool to achieve the proposed objectives, at a business level; and that, in this way, the expected success is achieved without falling into risks.

We invite you to see this: 3 Secrets of Grant Cardone

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Jose Limardo

Jose Limardo

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