4.22.1A short term business plan, called the “Budget”, must be agreed and approved by the Board of Directors (or by the Owner/Partners where there is no Board of Directors) at the beginning of each financial year;
4.22.2A comparison of actual performance against budgets must be performed at the end of every financial year, at a minimum, and variances must be analysed to identify the events that led to the actual performance deviating from the budget; and
4.22.3The Licensed Person must also have a long term business plan, preferably for a period of three to five (3 to 5) years, approved by the Board of Directors (or by the Owner/Partners where there is no Board of Directors).