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Businesses need finance to put in place the facilities required for carrying on the company, pay the people and organizations who provide any service for them, and pay taxes and other dues to the government. It is not a one-time method but a continuing one involving a continuous flow of funds in and out of business. Managing this flow to allow uninterrupted business operations can be seen as the primary purpose of financial planning.
Financial planning can also help businesses plan for growth by bringing out the financial implications and meeting these various growth strategies.
Strategy can be very broadly defined as a plan to get to where you want to be from where you are now. Strategic business planning starts with creating a future scenario for your business. The business then assesses its existing position, usually through SWOT analysis. Strategic plans are then developed to take the company from the current work to the desired scenario.
Maintaining profitability, competing in the market, and achieving growth is the typical strategic business planning objectives.