As the name suggest financial goals are the monetary objectives of any organization or individual. These financial goals are often set for funds by future requirements. Financial is also referred as financial target. It is expressed in money. There are many types of financial goals set by the financial bodies such as tax minimization, increase in capital, savings for children’s education, financial management for future financial needs, debt reduction, and sufficient wealth to retire etc. Depending on the requirements and time, financial goals can be short – term or large term. Financial goals are driven by future financial needs of the organization. Financial goals can include financial profit targets, projected borrowing requirements, covering operating expenditures or planning payback schedule for debt.
Business organizations set financial goals which revolve around the money of finance.
Businesses need to determine the length of financial goals before setting them. As depending upon the nature and requirements, financial goals can be short – term goals, medium – term goals or long – term goals. Setting up financial goals is a very technical approach which needs a great financial research. While setting up a financial goal, it must be clear that is required and what strategies are to be planned to achieve it.