Financial planning for small business owners is the practice of assessing and evaluating an organization’s financial needs in order to develop a comprehensive plan to ensure long-term success. This process includes setting short-term and long-term goals, creating budgets, forecasting market trends and leveraging investments and other financial resources. Financial planning also includes risk management and aims to find solutions that minimize risks while maximizing potential returns. In short, it is a systematic approach to managing the financial elements of a small business to ensure profitability and longevity.