Financial Planning and Forecasting

Financial planning and forecasting involve assessing a company's future financial performance to make informed decisions. Financial planning outlines goals and strategies, while forecasting predicts future revenues, expenses, and cash flows based on historical data and market trends. Together, they help businesses allocate resources efficiently, prepare for challenges, and maximize growth potential. In essence, financial planning is like creating a roadmap, and forecasting is the process of estimating where the journey will lead, allowing businesses to navigate their financial futures more effectively.