Financial planning is the process of establishing an entrepreneur’s long-term goals and creating a plan to achieve them. It involves taking stock of an entrepreneur’s current financial assets, reviewing their income, debts and expenses, assessing future needs, and developing a strategy for achieving success. Through financial planning, entrepreneurs can identify potential opportunities, plan ahead for risks, and make informed decisions about how best to allocate resources to ensure that their business is successful. By taking the time to develop and implement a comprehensive financial plan, entrepreneurs can arm themselves with the knowledge they need to make smart decisions and move their business forward.