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A visionary financial strategy is comprehensive and all-inclusive. Overall, this type of comprehensive management includes obtaining capital for the business and then how they are spent on the business’s many accomplishments, including statistical data that is examined to help assess the financial health of the business and the latest financial recording is included. Display.
Theories and texts on business and finance have highlighted the importance of finance in business and the importance of financial education in the process of growth and development of a country. The importance of money and finance as an engine of economic growth and development has long been recognized in the economic and business literature. Financial resources are an important source of wealth of nations. A country which does not have sufficient resources, capacity and capability to develop the financial skills and necessary financial knowledge of its people and put them to operational use cannot move forward on the path of growth and development. It has long been recognized that apart from the primary factors of production, financial capital acts as the main input to generate output. There is a positive and direct relationship between financial resource development and economic growth. Economic growth creates conditions for better finance which in turn affects economic growth and development.
Financial Resource Development has many interesting and therefore important functions to perform in the present corporate world. The 21st century is an era of digital and technological progress and innovations and it will foster and encourage those who respond to the language of money and finance in the first place and technology in the second place depending on how fast we and work faster. They are trained and skilled in money, banking and finance, especially international finance. In the contemporary digital age, we see that the graph of financial knowledge has grown tremendously.
Successful countries are those that adopt sound and rational financial strategies and models that best predict the future (Rational Expectations Model) because such strategies are based on all available information. And such countries have a lot of financial and banking knowledge and work very hard to make themselves rich by educating their people and investing in the financial education of their people in one way or the other. The advanced countries of the world are undoubtedly very rich in financial knowledge. To survive and progress in this corporate/financial world and enjoy supremacy in the global society, the right and appropriate kind of financial knowledge is very important. The financial shocks, financial crises, disturbances and crises that we are witnessing today are the result of how we have been able to manage the financial resources of the world in general and trading partners in particular.
Modern financial resources are becoming more and more multifaceted and therefore complex, and therefore, require an innovative and forward-looking financial strategy backed up by taking into account not only past financial data but all available financial data. Financial knowledge and economic development both affect each other which means that financial knowledge affects economic development and economic development affects financial knowledge. And financial knowledge helps in economic growth and economic growth in turn ensures the expansion of financial knowledge.
Now is the time to invest in financial education to understand the importance of financial resources in economic development. Here the role of HRD is very important as HRD will ensure proper management of financial resources which will act as a guideline for the growth and development of the country.
A forward looking financial strategy is an essential tool to modernize, restructure and revolutionize the financial approach of business units as such strategy moves in tandem with the financial changes of the economy. In short, a visionary financial strategy is essential for business houses to improve their efficiency/productivity levels, profits and growth of the business unit.
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