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INTRODUCTION






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Characteristics of a sound financial plan

The success of a business very much depends upon a financial plan (capital plan) based upon certain basic principles of corporation finance.

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Main Aspects of Financial Planning

There are mainly three aspects:

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Meaning of Financial Planning

Financial planning means deciding in advance, the financial activities to be carried on to achieve the basic objective of the firm. The basic objective of the firm is to get maximum profits out of minimum efforts.

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Financial planning

Planning is very necessary for the smooth running of the business. A business cannot be carried on without planning. Planning means deciding in advance what is to be done.

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Responsibility of financial management

The responsibilities of financial management or financial manger vary widely from one business unit to another , depending upon the size and the nature of the business.

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Organisation of finance department

Management is not an art that can be broken down into compartment,s each separate and unrelated to the others. Personnel management is not unrelated to marketing management or production management.

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Importance of financial management

In a big organisation, the general manger or the managing director is the overall incharge of the organisation but he gets all the activities done by delegating all or some of his powers to men in the middle or lower management, who are supposed to be specialists in the field so that better results may be obtained.

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Profit-Maximization Vs. Wealth Maximizations

We have discussed above the goals of financial management. Now the question arises of the choice, i.e., which should be the goal of decision making be profit maximization or which strengthen the case for wealth Maximization as the goal of business enterprise.

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Objectives of Financial Management

Finance functions-both executive and incidental-are there in an organisation to achieve certain financial objectives.

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Incidental Finance Functions

We have already discussed the executive finance functions in the foregoing paragraphs. Now we shall discuss the various incidental finance functions.

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Executive Finance Functions

Executive finance functions include all those financial decisions of importance which require specialized administrative skill.

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Functions of Financial Management

Finance function for the sake of convenience may broadly be classified into groups i.e., executive finance function and incidental finance function.

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Meaning of Financial Management

Financial Management is that specialised function of general management which is related to the procurement of finance and its effective utilisation for the achievement of common goal of the organisation.

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