Financial planning for the establishment is an important means to achieve its goals and success. There is long-term planning, and its duration varies according to the establishment’s activity and the changes affecting the activity. It is preferable to rely on a period of three to five years, taking into account the annual review of the long-term plan.
- Investment plan implementation mechanism
- Adding new products or services.
- Sources of financing for expansion of the activity
- Methods of repayment of long-term financial obligations.
The Tawazi team studies the business and activities of the facility and deals with the executive management to prepare a long-term financial plan that is consistent with the facility’s strategic plans.
In addition, the focus is on short-term planning, which is the most accurate and important, as the year is considered the optimal time period, and short-term planning includes the annual budget, whether operational or capital.
The budget is defined as a financial tool that contributes to providing estimates of expenses and expected revenues during a period of time (usually a year) and is usually linked to the facility’s fiscal year so that at the end of the fiscal year the results are measured and compared to the plan (budget) approved by the facility’s management.
It is also possible to compare the results with the plan during the fiscal year and review the deviations to make corrective decisions to ensure the facility’s success.
The Tawazi team prepares the facility’s annual budgets as well as preparing periodic financial reports to follow up on the implementation of the annual budget plan.