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Financial management plays a vital role in retailing because retail businesses continuously deal with large volumes of purchases, inventory, sales, operating expenses, and customer transactions. It involves planning, obtaining, allocating, controlling, and monitoring financial resources so that the retailer can operate efficiently and achieve profitability. Since retailing depends heavily on the availability of merchandise and the effective management of cash, sound financial management is essential for the success and growth of a retail business. One of the major roles of financial management in retailing is financial planning. Retailers need to estimate their future sales, expenses, capital requirements, and cash flows. Proper financial planning helps determine how much money is required for purchasing merchandise, paying employees, maintaining stores, advertising, transportation, technology, and other operating activities. It also helps retailers prepare budgets and set financial targets. Working capital management is particularly ___ _____ _______ _______ ______ _____ _____ ___ ______ ______ ____ _________.
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