Question
Benjamin Franklin, one of the leading figures of early American history, once said, If you fail to plan, you are planning to fail. This famous
Benjamin Franklin, one of the leading figures of early American history, once said, "If you fail to plan, you are planning to fail". This famous quote applies to all of us as individuals but it is also applicable to businesses.
Questions:
- List and explain the six steps that an organization undertakes to develop its financial plan.
- Discuss how having a solid written plan helps to move the business closer to its financial goals.
- To conclude your discussion post, explain what might be the outcome if an organization fails to develop a financial plan. Do you agree with the famous quote once stated by Benjamin Franklin? Why or why not?
Step by Step Solution
3.51 Rating (154 Votes )
There are 3 Steps involved in it
Step: 1
1 Gathering Data and Setting Objectives The first step in developing a financial plan is gathering relevant financial data such as historical financial statements current market conditions and future ...Get Instant Access to Expert-Tailored Solutions
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Step: 2
Step: 3
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Get StartedRecommended Textbook for
Foundations of Financial Management
Authors: Stanley Block, Geoffrey Hirt, Bartley Danielsen, Doug Short, Michael Perretta
10th Canadian edition
1259261018, 1259261015, 978-1259024979
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