A forward-looking financial strategy is extensive and all-inclusive. By and large, such an extensive management involves obtaining the capital for that business and then how they are used on the business’ numerous accomplishments including recording statistical data to be examined to help assess a business’ monetary health and up-to-date financial performance.
Ideas and treatise on business plus finance have highlighted the importance of fund in business and importance of financial education and learning in the process of growth and development of the country. The significance of money and finance being an engine of economic growth and development has long been recognized in the economic and company literature. Financial resources are the important supply of the wealth of nations. The country that doesn’t have enough resources plus capacity and ability to develop the particular financial skills and required economic knowledge of its people and place these to operational use cannot move on the path of growth and development. It has long becoming recognized that apart from primary factors of production, financial capital is the main input to generate output/production.
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There exists a positive and direct relationship among financial resource development and economic growth. Economic growth creates problems for better finance which in turn offshoot economic growth and development.
In the present-day business world Financial Resource Development would be to perform many interesting and therefore important functions. The twenty-first century may be the era of digital and technical advancements and innovations and it will market and encourage those people who react to the language of money and finances in the first place and technology in the second place which depends on how rapidly and quickly we are trained and qualified in money, banking and financing, particularly international finance. In the contemporary digital age, we see that the chart of financial knowledge has increased such as anything.
Successful countries are those nations who adopt sound and rational financial strategies and models which are the best guesses of the future (Rational expectations model) because such strategies are based on most available information. And such countries’ financial and banking knowledge is very high and work very hard to make by themselves wealthy by educating their people and investing in the financial training of their people in one way or maybe the other way. Advanced countries from the world are undoubtedly rich having very high financial knowledge. In order to endure and progress in this corporate/ monetary world and enjoy a superior hand in the globalized society, the correct and ideal kind of financial knowledge is very important. The financial shocks, financial crunches, disruptions and crisis we see nowadays is a consequence of how we have been capable to manage the financial resources of the planet in general and trading partners particularly.
Modern financial resources are becoming more and more multifaceted and therefore complex, and therefore, require the particular backup of an innovative and a forward-looking financial strategy taking into account not only previous financial data but all accessible financial data. Financial knowledge plus economic development both affect one another which means that financial knowledge affects financial development and economic development impacts financial knowledge. And financial understanding assists economic development and in turn financial development ensures the prolongation of financial knowledge.
It is high time is to invest in financial education so as to recognize the importance of financial resources in economic development. Here, the role of human being resource development is very important because Human being Resource Development will ensure the appropriate management of financial resources which will work as the guidelines for the growth and development of the country.
A forward-looking financial strategy is really a necessary tool to modernize, restructure and revolutionize financial outlooks of business units because such a strategy will go hand in hand with financial changes of the economy. In short, a forward-looking economic strategy is necessary for improving efficiency/ productivity levels of business houses, profits, and growth of a business device.