Financial planning for small businesses is the process of forecasting and preparing a budget that outlines an organization’s strategies, income, expenses, assets, and liabilities. It involves understanding the current financial position of the business, assessing its goals, developing a vision for the future, and creating a plan to achieve those objectives. By establishing a financial plan for your small business, you can reduce risks and increase potential opportunities for growth. Furthermore, having a well-defined financial plan can help to ensure consistency in decision-making across the organization and will provide a solid foundation to build on as your business evolves and grows.