The central part of the overall financial plan is the financial budget, which includes the cash

budget and pro forma financial statements, both of which
set the tone of the strategic financial plan (Shim & Siegel, 2008).

The financial planning process includes the following five steps (Brigham et al., 2004):

1. Prepare pro forma financial statements.

2. Determine the capital needs of the corporation.

3. Identify the sources of capital funds available for the next 3â5 years.

4. Implement a system of controls to manage the allocation of funds.

5. Formulate a monitoring and revision plan.

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