Financial planning plays a vital role in the success of every

organization and an organization does not exist without a

proper financial planning. This is the next task of an

organization after setting their objectives and vision. A proper

financial planning determines if the set objectives are achievable

or not. This is a not a small task but it involves different set

of activities which include assessing of the business environment,

identifying the resource required to achieve set goals, analyzing

the cost of resources, and finally identifying if any risk is

associated with the set budget and objectives. Every financial

planning should have a proper planning horizon. This is the

time frame of the plan. Some financial plan can be short term

while some are set for long time frame. It completely depends

on the organization but without a proper financial planning a

company will never be able to achieve success.