FAISALABAD - Effective business planning is imperative for economic revival and government as well as private sector should avail the services of professional cost and management accountants for the preparation of business plan in order to overcome the backlashes of global economic shocks, said Muhammad Iqbal Ghori, ex-Faisalabad Branch Council Chairman and Chief Financial Officer of Fesco.

He was addressing a Professional Forum here in Punjab Club on Thursday. During his presentation on ‘how to prepare an effective business plan,’ he said that business plan play a fundamental role for the success of any business organisation. He said that ICMAP members have technical skills and have professional capabilities to articulate business plan for public and private organisations.

Iqbal Ghori also emphasised the critical role of mission for any business plan which provides the foundation to prepare short and long term strategies. He said that a business plan could determine the financial health and position of any organisation. However, all the stakeholders should be involved before finalising any business plan.

He said during the current phase of restructuring of public sector, ICMAP member can also be engaged in area of business planning, financial management, performance monitoring and regulatory affairs. Management Accountancy is a great tool in the hands of management for effective accountability with clear perception to fix responsibility, he added.

ICMAP Honorary Secretary Ziaul Mustafa Awan, who attended the seminar as chief guest, said that ICMAP members are playing vital role in public and private sector but there is visible dearth of professionals in regulatory bodies. The government should induct ACMA/FCMA in various bodies to ensure steady and smooth development of government organisations by maintain due financial discipline.