Description
All businesses, irrespective of their size and maturity, need financial plans—a decision-making process and tool that enable management and investors to assess results and set targets for growth.
viewpoint
The plan ahead: Creating an effective
?nancial planning process
GE Capital
Because each company has its own route—a set of goals
and a unique market presence and opportunity—no
two ?nancial plans are alike. A company, thus, either
needs to create one of its own or tailor a generic plan to
?t its needs. In doing so, a company faces a challenge
in determining the key elements that will make up its
speci?c ?nancial plan and then in setting a systematic
process to monitor and follow that plan. A large or more
diverse company will face an additional challenge in
needing to consolidate disparate ?nancial plans and
present a consolidated view to headquarters.
Companies can bene?t from taking a measured,
systematic approach to creating a ?nancial plan.
The ?rst step involves setting goals. Next, companies
must consider and evaluate external factors—including
the regulatory and competitive landscape—and identify
and analyze pertinent metrics. A key part of the plan
involves creating a budget, a systematic process
that encompasses all functions and is ?exible so that
managers can adjust it during the year to adapt to
internal and external changes. Budgets quantify future
expectations and actions, and provide benchmarks
All businesses, irrespective of their size and maturity, need ?nancial plans—a decision-making process and tool that
enable management and investors to assess results and set targets for growth. Just as a pilot would never ?y from
New York to Los Angeles without a ?ight plan, a business needs a clear, delineated guide to get to its destination.
The plan ahead: Creating an effective ?nancial planning process
against which managers can compare results and
develop corrective measures. This process is critical to
the success of any organization. It provides rigor and
con?rms that a company’s objectives are achievable
from a ?nancial point of view. It also helps management
guide the company and provides detailed ?nancial
information to investors and creditors.
viewpoint The plan ahead: Creating an effective financial planning process 2
GE Capital
External
Landscape
Business
Initiatives
Prioritize
Investments
Strategic
Roadmap
Key
Measurements
Program/NPI
Funding
Performance
Targets
» Final Operating Plan
—Session II Baseline —with Corporate Targets
» Quarterly Linearity Focus
—Revenue & Op Profit Variances vs. Prior Year
Weekly
» Infrastructure CFO Reviews
- Op Profit and CFOA
Quarterly
» Final Week — Daily Ops Updates
» Final Friday — CFOA
» CFO Closing Reviews
Growth Playbook
April – July
» Marketing Driven — Externally Focused
- Competitive Activity, Product Technology
» Three-Year, Long-Range Plan
» “Tops-Down” Total-Year Financial Look
» First Comprehensive Look at Next Year
» Establishes Strategic Direction of Business
Session II
September – November
» Finance Driven
» Review of Expected Current-Year
Financial Results
» Detailed Next-Year, “Bottoms-Up” Financial Plan
— By Quarter, By Business
The role of a ?nancial plan
Financial plans can be a critical tool for any company.
They help link a company’s daily operations to its mission
and both its short- and long-term goals. These plans
help management de?ne the steps needed to attain
benchmarks that will enable it to reach those goals.
At the same time, ?nancial plans provide investors with
a roadmap for how companies will grow and mature.
Financial plans can be motivating, a mechanism for
rallying employees to hit targets and benchmarks.
They also can be sobering, revealing if a goal is not
attainable or providing insight into what adjustments
companies have to make—cost-cutting, divestment,
and so forth—to reach speci?ed targets.
While large businesses need ?nancial plans to inform
management and investors, these plans are not solely
for large companies. Private enterprises on the cusp of
going public need ?nancial plans to provide investors
with visibility of both their ?nancial rigor and goals.
Even small companies—family businesses as well as the
so-called mom-and-pop operators—can bene?t from
having a structured, measured approach to running and
growing their businesses.
Some companies—such as GE—have more than one
?nancial plan. Some are long-term growth playbooks,
complete with speci?c tollgates, where managers can
measure if and when a business unit will hit a speci?ed
target. Other ?nancial plans are shorter term, such as
GE’s annual operating plan. Without such plans, any
business would not be able to measure accurately
whether they have failed or succeeded in running their
business—or whether venturing into a new area was
productive or destructive.
The result of a ?nancial plan may mandate that a
company change its capital structure. For example,
a ?nancial plan might underscore that a company needs
to reduce its debt and raise equity, or take on more debt
to fuel expansion. It also will provide management with
guidance on whether it needs to generate more cash.
In addition, a ?nancial plan will provide insight into whether
a company will be compliant with its debt agreements.
Establishing a plan
Financial plans start from the ground up. Management
begins the planning process by setting goals. The next
step involves gathering insights and information from
all areas of the business to understand its competitive
position in its particular market segment. Management
then can focus on internal and external factors, enabling
it to create a base from which to forecast revenue and
pro?ts. The results will enable management to create
a budget as well as to think strategically about matters
from cutting costs to penetrating new markets.
Setting goals
The ?nancial planning process typically kicks off with
a company establishing its goals. These goals may
be numeric—such as pro?t, return on investment,
GE’s annual strategic and ?nancial planning process takes both
a long-term and a short-term view in setting direction, including periodic
checkpoints to assess progress against targets
viewpoint The plan ahead: Creating an effective financial planning process 3
GE Capital
market share. They also can be abstract, such as
product leadership or product diversi?cation. For some
companies a viable goal may be to double pro?ts; for
others a goal may be returning to the black. For some,
survival, or simply staying in business, is the goal.
Typically, companies ?rst set general goals, which are
directional in nature and include training managers,
maintaining product quality, or being the low-cost
producer. Then, companies set more speci?c goals.
Larger companies typically develop a hierarchy of
goals—starting at the corporate level and cascading to
the strategic business unit level and then the functional
level. For example, a company might set goals in which
the chief executive is responsible for a 25 percent ROI
and growing earnings per share by 12 to 15 percent
a year. Meanwhile, at that same company, a strategic
business unit manager might be in charge of increasing
market share by 2 percent and introducing ?ve new
products. At the functional level a production manager
might be looking to reduce absenteeism, reduce spoilage
by 2 percent and meet production quotas. All subgoals
come from upper-level goals and help all employees stay
on track and recognize how their work contributes to
the company’s success.
Internal performance metrics
In the next step of creating a ?nancial plan, management
can use its goals to set revenue and pro?tability targets. In
setting these targets, managers can consider not only the
company’s goals, but also its market opportunity—how
much revenue it can expect to generate. Then it can focus
on setting expenses—and making sure expenses are in
synch with revenue. This is critical, as many businesses fail
when expenses are not in line with revenue.
As a result, management should take a deep dive into
an analysis of operating expenses, calculating granular
details that are pertinent to the business. For example,
companies need to analyze headcount, SG&A as a
percentage of revenue or the use of temporary workers.
Depending on the business, the analysis could dig even
deeper, measuring, for example, platform costs, or cost
per headcount. A comprehensive ?nancial plan at a
large company may contain thousands of factors and
pages of analysis. Ideally, management will want a set of
metrics that measure overall business performance and
a second set that digs deeper and provides transparency
and insight into the ef?ciency of resources, personnel
and business entities.
External factors
While internal metrics are somewhat predictable and,
thus, can be controlled or adjusted, there are many factors
that management cannot plan for, ranging from changes
in the competitive and regulatory landscape to ?nancial
factors from consumer spending to interest rates. But
management cannot ignore these factors because they
may have a large impact on their business. As a result,
companies need either to designate internal resources to
scan for meaningful external developments in these areas
or engage outside providers (accounting ?rms, for example)
who specialize in these areas to keep them informed.
Companies also need to perform competitive analyses
and benchmarking against leading competitors for
insight into how ef?ciently their own business is
functioning. In addition, companies need to deepen
their understanding of customer dynamics—including
sensitivity to price, shifts in demand for products and
services and general spending habits. Finally, in large
companies, such as at GE Capital, managers can
compare their division’s results with those of other
divisions to ensure that their units are operating within
a range of acceptable ef?ciency.
scan
environment
create
metrics
set
goals
Set specific numeric goals for
each business or division based
in part on past performance
Scan the external landscape
for specific factors that could
impact performance targets
for a particular business unit
or division
Devise relevant internal
performance metrics to track
and measure performance.
Some examples are:
• Changes in volume
• Changes in operating
profit margin
• Uptick in SG&A
• Headcount analyses cost
per function
viewpoint The plan ahead: Creating an effective financial planning process 4
GE Capital
Financial planning and budgeting
The external and internal factors provide managers
with the foundation to create a budget, which works
in tandem with ?nancial planning.
Small business owners can use ?nancial planning and
budgeting to obtain external ?nancing from investors
or banks. Many small businesses need some external
?nancing for growing operations. Because small
businesses may not have a strong ?nancial history,
?nancial planning and budgeting helps investors or
banks thoroughly review the business.
At large companies, divisions submit their plans and
a centralized corporate unit can roll up or consolidate
these disparate pieces into a cohesive and consolidated
annual ?nancial plan for the company. There are
several advantages of having a centralized budgeting
organization. The function can inform divisions if budget
items are out of alignment and if the divisions need to
raise their forecasts, or cut costs. A centralized function
also can spot if some divisions are setting unrealistic
targets that are either too high or purposefully too low
to ensure that they can easily exceed the budget.
A company can monitor its progress against its
budgets, for example, on a quarterly basis, providing
it with a potent control mechanism. Frequent checks
enable managers to spot early in the process whether
some expenses are getting out of control and take the
necessary corrective actions. It also enables senior
leadership to spot trouble spots—such as weak expense
controls in a particular geographic region.
Budgets should not be set in stone and need to be
?exible to react to special items, ranging from a spike in
borrowing costs to nonrecurring expenses to a change
in regulation that might cut off a revenue stream.
Because small businesses may
not have a strong ?nancial history,
?nancial planning and budgeting
helps investors or banks thoroughly
review the business.
Management may need to update budgets and ?nancial
plans regularly to account for unanticipated events.
Though some view budgets with dread and feel that they
impose constraints that are hard to live with, a budget
is an integral part of a ?nancial plan. Budgets allow
managers to provide investors and creditors with
forward-looking guidance, and though they do not
guarantee success, they certainly can help avoid costly
mistakes or failure.
Conclusion
Companies will have varying needs for ?nancial planning
and budgeting depending on the type of business
and its size. Some will need detailed ?nancial plans,
with hierarchical goals and a rigid budgeting process
that is established and monitored frequently. Small,
independent businesses may need just a bare-bones
plan of where they hope to go and how they plan to
manage expenses to continue to stay in business.
Regardless of their complexity or size, any business
needs a game plan, an articulated step-by-step process
of what it hopes to accomplish, how it will manage its
resources to get there, and how it can react to factors
that it may not be able to control. These plans will
provide transparency and detail to owners, investors,
and managers—and enable employees to work together
to attain targets.
GE Capital (NYSE: GE) works on things that matter. GE Capital
offers businesses and consumers around the globe an array
of ?nancial products and services. Providing more than
money, GE Capital brings insight, knowledge and expertise
to every loan and lease. Not just banking. Building.
For more information, visit www.gecapital.com or follow
company news via Twitter (@GECapital).
Copyright © 2012 General Electric Capital Corporation. All rights reserved.
This publication provides general information and should not be used or taken as
business, ?nancial, tax, accounting, legal or other advice. It has been prepared without
regard to the circumstances and objectives of anyone who may review it; therefore,
you should not rely on this publication in place of expert advice or the exercise of your
independent judgment. The views expressed in this publication re?ect those of the authors
and contributors and not necessarily the views of General Electric Capital Corporation
or any of its af?liates (together, “GE”). GE does not guarantee that the information
contained in this publication is reliable, accurate, complete or current, and GE assumes
no responsibility to update or amend the publication. GE makes no representation
or warranties of any kind whatsoever regarding the contents of this publication, and
accepts no liability of any kind for any loss or harm arising from the use of the information
contained in this publication.
This publication is produced separately from any other activity of GE and was completed
without access to non-public information that may have been received by other units
of GE. To the extent that this publication contains any “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act of 1995, such
statements — because they address future, not past, events — by their nature, involve risks
and uncertainties, and actual actions and/or results may differ materially from those
expressed or implied in such forward-looking statements.
“GE,” “General Electric Company,” “General Electric,” “General Electric Capital Corporation,”
the GE Logo, and various other marks and logos used in this publication are registered
trademarks, trade names and service marks of General Electric Company. You may
not use, reproduce, or redistribute this publication, any part of this publication, or any
trademark or trade name without the written permission of GE.
viewpoint The plan ahead: Creating an effective financial planning process 5
GE Capital
doc_612048065.pdf
All businesses, irrespective of their size and maturity, need financial plans—a decision-making process and tool that enable management and investors to assess results and set targets for growth.
viewpoint
The plan ahead: Creating an effective
?nancial planning process
GE Capital
Because each company has its own route—a set of goals
and a unique market presence and opportunity—no
two ?nancial plans are alike. A company, thus, either
needs to create one of its own or tailor a generic plan to
?t its needs. In doing so, a company faces a challenge
in determining the key elements that will make up its
speci?c ?nancial plan and then in setting a systematic
process to monitor and follow that plan. A large or more
diverse company will face an additional challenge in
needing to consolidate disparate ?nancial plans and
present a consolidated view to headquarters.
Companies can bene?t from taking a measured,
systematic approach to creating a ?nancial plan.
The ?rst step involves setting goals. Next, companies
must consider and evaluate external factors—including
the regulatory and competitive landscape—and identify
and analyze pertinent metrics. A key part of the plan
involves creating a budget, a systematic process
that encompasses all functions and is ?exible so that
managers can adjust it during the year to adapt to
internal and external changes. Budgets quantify future
expectations and actions, and provide benchmarks
All businesses, irrespective of their size and maturity, need ?nancial plans—a decision-making process and tool that
enable management and investors to assess results and set targets for growth. Just as a pilot would never ?y from
New York to Los Angeles without a ?ight plan, a business needs a clear, delineated guide to get to its destination.
The plan ahead: Creating an effective ?nancial planning process
against which managers can compare results and
develop corrective measures. This process is critical to
the success of any organization. It provides rigor and
con?rms that a company’s objectives are achievable
from a ?nancial point of view. It also helps management
guide the company and provides detailed ?nancial
information to investors and creditors.
viewpoint The plan ahead: Creating an effective financial planning process 2
GE Capital
External
Landscape
Business
Initiatives
Prioritize
Investments
Strategic
Roadmap
Key
Measurements
Program/NPI
Funding
Performance
Targets
» Final Operating Plan
—Session II Baseline —with Corporate Targets
» Quarterly Linearity Focus
—Revenue & Op Profit Variances vs. Prior Year
Weekly
» Infrastructure CFO Reviews
- Op Profit and CFOA
Quarterly
» Final Week — Daily Ops Updates
» Final Friday — CFOA
» CFO Closing Reviews
Growth Playbook
April – July
» Marketing Driven — Externally Focused
- Competitive Activity, Product Technology
» Three-Year, Long-Range Plan
» “Tops-Down” Total-Year Financial Look
» First Comprehensive Look at Next Year
» Establishes Strategic Direction of Business
Session II
September – November
» Finance Driven
» Review of Expected Current-Year
Financial Results
» Detailed Next-Year, “Bottoms-Up” Financial Plan
— By Quarter, By Business
The role of a ?nancial plan
Financial plans can be a critical tool for any company.
They help link a company’s daily operations to its mission
and both its short- and long-term goals. These plans
help management de?ne the steps needed to attain
benchmarks that will enable it to reach those goals.
At the same time, ?nancial plans provide investors with
a roadmap for how companies will grow and mature.
Financial plans can be motivating, a mechanism for
rallying employees to hit targets and benchmarks.
They also can be sobering, revealing if a goal is not
attainable or providing insight into what adjustments
companies have to make—cost-cutting, divestment,
and so forth—to reach speci?ed targets.
While large businesses need ?nancial plans to inform
management and investors, these plans are not solely
for large companies. Private enterprises on the cusp of
going public need ?nancial plans to provide investors
with visibility of both their ?nancial rigor and goals.
Even small companies—family businesses as well as the
so-called mom-and-pop operators—can bene?t from
having a structured, measured approach to running and
growing their businesses.
Some companies—such as GE—have more than one
?nancial plan. Some are long-term growth playbooks,
complete with speci?c tollgates, where managers can
measure if and when a business unit will hit a speci?ed
target. Other ?nancial plans are shorter term, such as
GE’s annual operating plan. Without such plans, any
business would not be able to measure accurately
whether they have failed or succeeded in running their
business—or whether venturing into a new area was
productive or destructive.
The result of a ?nancial plan may mandate that a
company change its capital structure. For example,
a ?nancial plan might underscore that a company needs
to reduce its debt and raise equity, or take on more debt
to fuel expansion. It also will provide management with
guidance on whether it needs to generate more cash.
In addition, a ?nancial plan will provide insight into whether
a company will be compliant with its debt agreements.
Establishing a plan
Financial plans start from the ground up. Management
begins the planning process by setting goals. The next
step involves gathering insights and information from
all areas of the business to understand its competitive
position in its particular market segment. Management
then can focus on internal and external factors, enabling
it to create a base from which to forecast revenue and
pro?ts. The results will enable management to create
a budget as well as to think strategically about matters
from cutting costs to penetrating new markets.
Setting goals
The ?nancial planning process typically kicks off with
a company establishing its goals. These goals may
be numeric—such as pro?t, return on investment,
GE’s annual strategic and ?nancial planning process takes both
a long-term and a short-term view in setting direction, including periodic
checkpoints to assess progress against targets
viewpoint The plan ahead: Creating an effective financial planning process 3
GE Capital
market share. They also can be abstract, such as
product leadership or product diversi?cation. For some
companies a viable goal may be to double pro?ts; for
others a goal may be returning to the black. For some,
survival, or simply staying in business, is the goal.
Typically, companies ?rst set general goals, which are
directional in nature and include training managers,
maintaining product quality, or being the low-cost
producer. Then, companies set more speci?c goals.
Larger companies typically develop a hierarchy of
goals—starting at the corporate level and cascading to
the strategic business unit level and then the functional
level. For example, a company might set goals in which
the chief executive is responsible for a 25 percent ROI
and growing earnings per share by 12 to 15 percent
a year. Meanwhile, at that same company, a strategic
business unit manager might be in charge of increasing
market share by 2 percent and introducing ?ve new
products. At the functional level a production manager
might be looking to reduce absenteeism, reduce spoilage
by 2 percent and meet production quotas. All subgoals
come from upper-level goals and help all employees stay
on track and recognize how their work contributes to
the company’s success.
Internal performance metrics
In the next step of creating a ?nancial plan, management
can use its goals to set revenue and pro?tability targets. In
setting these targets, managers can consider not only the
company’s goals, but also its market opportunity—how
much revenue it can expect to generate. Then it can focus
on setting expenses—and making sure expenses are in
synch with revenue. This is critical, as many businesses fail
when expenses are not in line with revenue.
As a result, management should take a deep dive into
an analysis of operating expenses, calculating granular
details that are pertinent to the business. For example,
companies need to analyze headcount, SG&A as a
percentage of revenue or the use of temporary workers.
Depending on the business, the analysis could dig even
deeper, measuring, for example, platform costs, or cost
per headcount. A comprehensive ?nancial plan at a
large company may contain thousands of factors and
pages of analysis. Ideally, management will want a set of
metrics that measure overall business performance and
a second set that digs deeper and provides transparency
and insight into the ef?ciency of resources, personnel
and business entities.
External factors
While internal metrics are somewhat predictable and,
thus, can be controlled or adjusted, there are many factors
that management cannot plan for, ranging from changes
in the competitive and regulatory landscape to ?nancial
factors from consumer spending to interest rates. But
management cannot ignore these factors because they
may have a large impact on their business. As a result,
companies need either to designate internal resources to
scan for meaningful external developments in these areas
or engage outside providers (accounting ?rms, for example)
who specialize in these areas to keep them informed.
Companies also need to perform competitive analyses
and benchmarking against leading competitors for
insight into how ef?ciently their own business is
functioning. In addition, companies need to deepen
their understanding of customer dynamics—including
sensitivity to price, shifts in demand for products and
services and general spending habits. Finally, in large
companies, such as at GE Capital, managers can
compare their division’s results with those of other
divisions to ensure that their units are operating within
a range of acceptable ef?ciency.
scan
environment
create
metrics
set
goals
Set specific numeric goals for
each business or division based
in part on past performance
Scan the external landscape
for specific factors that could
impact performance targets
for a particular business unit
or division
Devise relevant internal
performance metrics to track
and measure performance.
Some examples are:
• Changes in volume
• Changes in operating
profit margin
• Uptick in SG&A
• Headcount analyses cost
per function
viewpoint The plan ahead: Creating an effective financial planning process 4
GE Capital
Financial planning and budgeting
The external and internal factors provide managers
with the foundation to create a budget, which works
in tandem with ?nancial planning.
Small business owners can use ?nancial planning and
budgeting to obtain external ?nancing from investors
or banks. Many small businesses need some external
?nancing for growing operations. Because small
businesses may not have a strong ?nancial history,
?nancial planning and budgeting helps investors or
banks thoroughly review the business.
At large companies, divisions submit their plans and
a centralized corporate unit can roll up or consolidate
these disparate pieces into a cohesive and consolidated
annual ?nancial plan for the company. There are
several advantages of having a centralized budgeting
organization. The function can inform divisions if budget
items are out of alignment and if the divisions need to
raise their forecasts, or cut costs. A centralized function
also can spot if some divisions are setting unrealistic
targets that are either too high or purposefully too low
to ensure that they can easily exceed the budget.
A company can monitor its progress against its
budgets, for example, on a quarterly basis, providing
it with a potent control mechanism. Frequent checks
enable managers to spot early in the process whether
some expenses are getting out of control and take the
necessary corrective actions. It also enables senior
leadership to spot trouble spots—such as weak expense
controls in a particular geographic region.
Budgets should not be set in stone and need to be
?exible to react to special items, ranging from a spike in
borrowing costs to nonrecurring expenses to a change
in regulation that might cut off a revenue stream.
Because small businesses may
not have a strong ?nancial history,
?nancial planning and budgeting
helps investors or banks thoroughly
review the business.
Management may need to update budgets and ?nancial
plans regularly to account for unanticipated events.
Though some view budgets with dread and feel that they
impose constraints that are hard to live with, a budget
is an integral part of a ?nancial plan. Budgets allow
managers to provide investors and creditors with
forward-looking guidance, and though they do not
guarantee success, they certainly can help avoid costly
mistakes or failure.
Conclusion
Companies will have varying needs for ?nancial planning
and budgeting depending on the type of business
and its size. Some will need detailed ?nancial plans,
with hierarchical goals and a rigid budgeting process
that is established and monitored frequently. Small,
independent businesses may need just a bare-bones
plan of where they hope to go and how they plan to
manage expenses to continue to stay in business.
Regardless of their complexity or size, any business
needs a game plan, an articulated step-by-step process
of what it hopes to accomplish, how it will manage its
resources to get there, and how it can react to factors
that it may not be able to control. These plans will
provide transparency and detail to owners, investors,
and managers—and enable employees to work together
to attain targets.
GE Capital (NYSE: GE) works on things that matter. GE Capital
offers businesses and consumers around the globe an array
of ?nancial products and services. Providing more than
money, GE Capital brings insight, knowledge and expertise
to every loan and lease. Not just banking. Building.
For more information, visit www.gecapital.com or follow
company news via Twitter (@GECapital).
Copyright © 2012 General Electric Capital Corporation. All rights reserved.
This publication provides general information and should not be used or taken as
business, ?nancial, tax, accounting, legal or other advice. It has been prepared without
regard to the circumstances and objectives of anyone who may review it; therefore,
you should not rely on this publication in place of expert advice or the exercise of your
independent judgment. The views expressed in this publication re?ect those of the authors
and contributors and not necessarily the views of General Electric Capital Corporation
or any of its af?liates (together, “GE”). GE does not guarantee that the information
contained in this publication is reliable, accurate, complete or current, and GE assumes
no responsibility to update or amend the publication. GE makes no representation
or warranties of any kind whatsoever regarding the contents of this publication, and
accepts no liability of any kind for any loss or harm arising from the use of the information
contained in this publication.
This publication is produced separately from any other activity of GE and was completed
without access to non-public information that may have been received by other units
of GE. To the extent that this publication contains any “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act of 1995, such
statements — because they address future, not past, events — by their nature, involve risks
and uncertainties, and actual actions and/or results may differ materially from those
expressed or implied in such forward-looking statements.
“GE,” “General Electric Company,” “General Electric,” “General Electric Capital Corporation,”
the GE Logo, and various other marks and logos used in this publication are registered
trademarks, trade names and service marks of General Electric Company. You may
not use, reproduce, or redistribute this publication, any part of this publication, or any
trademark or trade name without the written permission of GE.
viewpoint The plan ahead: Creating an effective financial planning process 5
GE Capital
doc_612048065.pdf