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2. Components of a Good Financial Plan

2. Components of a Good Financial Plan

A good financial plan has to have the following elements, and these components allow the administrators to have an accurate picture of the future of the scheme and hence be able to plan appropriately. 

  1. Accurate and Readily Available Data Sources: The unit must have very specific and readily available data sources. The data must be an accurate and honest reflection of what is happening in the group. This data must be verifiable by the key people within the process, which helps them to prepare for any future decisions. The data must be considered during the decision making process.

  2. Managerial Composition: The contents of a financial plan have to be understood by the entire organisation and the stakeholders. The leaders alone should not be the only ones privy to the information. Those who make the actual expenditure and revenue decisions have to be aware of the implications of their actions. Those who make the actual purchases or negotiations that produce income can then make more accurate decisions about the reality of the financial plan that is being implemented by the managers of the organisation.

  3. Timing: Time is Money. There has to be accurate projections of income generation, methodologies and timelines. The maturity of investments made by the unit has to be correctly projected as finances work in tandem with time. Things can change with time, and hence this is a crucial factor of financial plans.

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