4. Creating Local Partnerships
Created by ReSEL TUC

Developing a detailed financial plan

Local partnerships should define a detailed financial plan, determining projects’ costs and developing a budge, looking for supporting mechanisms and financing opportunities to implement the project’s action plan, developed in the previous step. This process includes a series of steps that outline how best to use money, investments and other assets to potentially achieve the project’s goals. These steps are:
  • Determining the current financial situation,
  • Developing financial goals,
  • Converting financial goals to plan,
  • Evaluating alternatives,
  • Creating and implementing a financial action plan,
  • Re-evaluate and revise the plan.

The benefits of project financial planning are estimating profits, reducing financial risks, and planning for unexpected costs.