Financial planning takes many different forms for different people and businesses. In some cases, the plan needs to have a high-level conceptual focus while being quickly adaptable to many situations that arise. In other cases, it is much more detailed and structured. The important aspect is to be sensitive to the situation and respond with a plan that fit.
While you don’t want to be changing your plan every week, at the same time planning is a live, organic process. It is not fixed in stone. The reality is that many estimations and approximations need to be made as part of the planning process. As details unfold and the environment changes, the plan must be continually refined to adapt. That is why ultimately planning is a continuously evolving process of plan, implement, monitor, and re-plan.
