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Financial Planning in Smaller Companies By MASON E. NOLAN Principal, Portland Office Presented before Portland Chapter seminar of the National Association of Accountants, Portland, Oregon — October 1960 MANY people think that smaller businesses have fewer and less difficult management problems than large companies. They have the impression that management problems vary in direct proportion with the size of the company; that small companies are faced with only a limited number of simple, easily comprehended, routine operating problems, whereas large companies are constantly struggling with a deluge of complex questions having far-reaching effects and major consequences. Informed people generally agree that the management problems affecting small companies are of the very same nature and urgency as those affecting large companies. The significant difference is in the availability of skilled specialists to handle each of the various types of problems. The small company has no fewer challenges, but typically it must meet them with much more limited managerial resources. It is not uncommon to find the top executives in a small company so deeply immersed in day-to-day routine, harassed by petty problems, that they have little time for careful financial planning and the development and implementation of much-needed improvement programs. Financial planning, to my mind, encompasses a broad range of managerial activities; indeed, it is the very essence of management. Included in its scope are: • Determination of objectives and policies of the company; • Formulation of long-range plans working toward the company's objectives, within its policies; • Formulation of short-term plans to spell out in greater detail early portions of the long-range plans; • Development of budgets to express the short-term plans in financial terms; • Direction and control of operations toward achievement of the plans; • Reappraisal and revision of both long and short-term plans as conditions change. 378
Object Description
Title |
Financial planning in smaller companies |
Author |
Nolan, Mason E. |
Subject |
Small business -- Finance |
Office/Department |
Haskins & Sells. Portland Office |
Citation |
Haskins & Sells Selected Papers, 1960, p. 378-387 |
Date-Issued | 1960 |
Source | Originally published by: Haskins & Sells |
Rights | Copyright and permission to republish held by: Deloitte |
Type | Text |
Format | PDF with corrected OCR scanned at 400dpi |
Collection | Deloitte Digital Collection |
Date-Digitally Created | 2009 |
Language | eng |
Identifier | h&s_sp_1960_pages_378-387 |