4 Financial Skills for Non-Finance Managers

 

Every business is the brainchild of a load of brainstorming and contemplation. More than just the profit, every business venture is also the realization of some magnificent dreams. But not many of them make it through the long run. Some fail, some thrive and some succeed.

A major reason for the failure of several business ventures is poor finance decisions. When you are playing with your hard earned money, the planning should be foolproof and long term oriented. But not everyone is a financial expert.

Even if you are not a finance pundit, take a look at the 4 Financial Skills for Non-Finance Managers, to pull through the cutthroat competitiveness that the corporate world puts forth every day.

1. Financial Statement Analysis

The most important finance related skill that a manager should possess. Irrespective of which field you are specialized in, having know-how of the financial lingo comes handy in decision making. If not expertise in GAAP (Generally Accepted Accounting Principles) Analysis or IFRS (International Finance Reporting Standards), a basic understanding of the financial terminologies is highly recommended.

Financial statements provide trends information, available resources, dangling liabilities and an insight into the company’s financial profile. All these knowledge are vital to steer the progress of an institution.

2. Management Accounting and Cost Accounting

The knowledge of Cost Accounting significantly increases the financial management ability of a non-finance manager. Learning how to manage the gross profit of a unit, division or the entire company and being well informed of the minute details of cost to the company makes the person an asset to the institution.

3. Budgeting

Budget is an estimation or prediction of expenses likely to incur over a specific period of time. It helps in planning and allocating financial resources for different purposes in an institution. Without a budget, undertaken projects deviate from goal and rarely end up being profitable endeavours.

A minimum knowledge of financial management skills is an imperative in preparation of a good budget.

4. Reading the Balance Sheet

A Balance sheet is a snapshot of the financial state of affairs, for the easy understanding of common man. The reviewers get a quick knowledge of the financial status of a company or institution. Consecutive balance sheets evaluation reveals trends.

It is important to understand the terminology used in balance sheets, what parameter means what and how they are interpreted. Therefore, it is important to take up any available training that provides knowledge of finance for managers.

As a manager, you will develop so many skills like management skills and soft skills. But, the fundamental knowledge of finance and the necessary skills will only increase your credibility and proficiency as a Manager.

Be the Jack of all trades by having essential knowledge in everything. You don’t always need to be a specialist to excel in your field. You can be a generalist and still climb the ladder of success with your willingness to learn new things. Learning Financial Analytics Online Course will help you in gathering the technicalities essential for a manager.

Ciao!

 

Six Sigma for Systems Management

 

Every business or an organization has a process, standards for product development and delivery, protocols for its maintenance. If this was not he situation, the percentage of defects in the system would increase and rising defects are always a question fired directly at the management. In addition to this, there would be an erosion of customer base as well. Defects are like dangling swords that threaten the credibility of a business or an organization. Thus, to minimise the frequency of defect rate and increase high performance, systems management is a must.

 

What is Six Sigma in simple words?

Six Sigma framework is a data driven approach and it consists of the tools meant for business improvement by reducing the occurrence of error.

Systems management can come only with Six Sigma Training. Some Six-Sigma benefits to list are:

• Ø  Root cause analysis - It identifies the corrective actions to be deployed. It prioritises the opportunities and plans to perform in a way that leads to improvement.

• Ø  Highlights the gap between the current order and delivery metrics. Streamlines the goals of the project. This pipelined fashion of work keeps a track of the system and helps to perform better.

• Ø  Real time performance data and analysis of the fact sheets by skilled and expert Sis Sigma professionals leads to better institution of things in the organization.

Six Sigma might be two words to hear but they incorporate a complete organization within them. The methodologies and principles that are implemented with it strive to make the system just not better organized but a strong foundation for the future.

You can think to reinvent with Six Sigma and innovations are not steps but they create leaps between you and others of the same business. Systems management with Six Sigma comes with the added benefit of ruling the sector effortlessly. 

 

The benefits of Six Sigma in a nutshell:

• Ø Reduction of cost of operation.
• Ø  Time and efficiency improvement.
• Ø  More improvement of accuracy.
• Ø  Improves customer satisfaction.
• Ø  Improves regulatory compliance.

 

For further information, read Six Sigma for Systems Management by clicking the link.

Learn SixSigma from one of the best institutions in India and the good news is, it can be learnt online!

Grab this opportunity and learn the strategies important for steering a successful business firm.

 

Writing- A Meditation

There are certainly not as many writers as there are readers in this world. In fact, how many of us really think of writing down our creative deliberations (if there are any!) despite having read uncountable books. We actually forget what cathartic effect it can have on us. It can bring unutterable balance and bliss to us.
Is it not true that we are all writers and raconteurs who have had myriad adventures, experiences, encounters, expressions, emotions, feats, failures and fiascos, all wanting to escape from the abyss of our mired oblivion and ineptness to bring them out, into the world of attention through the medium of our own writing...? Writing, thus inadvertently has become an esoteric vocation! A customary praxis of just a few jugglers of words and ideas.
Writing is, to me, a panacea- to vent clogged apprehensions, to re-motivate the laggard that I have become, to untangle and explore the labyrinth of musings and deliberations and liberate the impatient and adamant writer in me.Writing is meditation per se! 

My writing.

When I decided to embark on the lofty mission of transcribing my thoughts into writing (a blog), I had absolutely one thought in my mind which was the reason for both my tentativeness and zest alike...that, my readership would be limited to a handpicked few-just a few people who I call my friends, out of the many hundreds of acquaintances I have and many thousands of unfamiliar faces I see in the busy streets and swarming buses when I am travelling! I wrote poetry till a few years back and let me confess, the number is very very scanty. And, inspired by Anne Frank's candid accounts of  her clandestine life in the Nazi Germany, I took to writing a personal diary as well,which I kept on writing for over 4 years! A surprisingly longer period for any habit to be a part of my life! Apart from these amateurish jottings, my writing experience is quite less and my ambition as a writer is far from being a popular, best-selling one.

Yes, I do think a lot, talk in my mind and want to write some of them but self-imposed limitations and writer's block often overpower and win the tug of war, ergo this hiatus.

When I decided finally to type down in limned letters some of the uncountable multitude of thoughts that get generated in that little brain of mine, the first thought was how remarkable an achievement or rather, an invention would it be to create a machine which could read our minds and transcribe our thoughts without having to wait to write them down...Because in the journey from thoughts to writing, I feel an indelible charm is lost somewhere...

Sayonara,
MJ

Hi there..

"Writing is probably the best tribute that anyone can pay to a language."

I came across this idea as a school student and it never really went off from my mind since that day. I don't remember who said it and neither have I quoted the author verbatim here, but the quintessence of the piece of writing could be summed up into this.

Today, while having a schmooze with a friend over a social networking site, the idea of blogging suddenly dawned on my mind- why not start it now! The aforesaid friend and I agreed upon being avid followers of each other's writings but he outpaced me with his celerity by creating a blog a few minutes before I started...

This creative venture of mine, christened as "myeloquentsilence" hopes to unfurl my passion and predilection for writing and eventually pay a sincere tribute to the language of my mind...

Sayonara

MJ