Financial Planning (budgeting & planning) is also known as the business planning process in which a budget is created for the company on a usually annual basis. The result is a corporate plan that maps out the future of the organization. This usually includes financial planning for the entire company, a number of sub-plans for investments, sales, human resources, liquidity and maketing planning. Depending on the time horizon, a distinction is made between strategic planning, tactical planning and operational planning. Strategic planning is usually designed for a period of 5-10 years and is designed with corporate guidelines, objectives and highly aggregated values for the key metrics framework of the tactical and operational plans. The latter are medium (3-5 years) and short (<1-3 years) respectively and are designed as detailed plans that focus on the requirements of strategic planning. The plans will be completed before the beginning of the period to be planned.
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