Financial Management - Meaning, Objectives and Functions Financial Management - Meaning, Objectives and Functions Meaning of Financial Management Financial Management means planning, organizing, directing and controlling the financial activities such as procurement and utilization of funds of the enterprise. It means applying general management principles to financial resources of the enterprise. Investment in current assets are also a part of investment decisions called as working capital decisions.
Vision The vision is how you imagine the future when seen in your minds eye. They often include how the company would look and feel, what products we offer, and what the industry is doing in relation to us. A good vision should be currently out of reach but not completely unimaginable.
They are long term in their nature, but unlike beliefs and values they will change - usually when they have been reached. This should take the vision one step further to predict what the ultimate utopia would look like, however it may depend on factors outside of our control. A computer on every desk and in every home, using great software as an empowering tool.
Mission If the Vision is where we want to be, missions are the big blocks of change to get us there. One or multiple missions may be needed to reach the vision and they may last months or even years.
In a military context, missions require a number of people to do things which result in a change to the status quo. This is the same in business where missions may require people from multiple business units to come together to achieve objectives. Mission level strategy is therefor where planning, resource management, etc.
Example Missions To create lasting solutions to poverty, hunger, and social injustice. To help people and businesses throughout the world realize their full potential. To explore strange new worlds, to seek out new life and new civilization, to boldly go where no-man has gone before.
Objective Each mission has a number of objectives associated with it to allow us to measure success. Objectives are check points to inform us if we have completed an individual mission or not.
Usually they are in the form of KPIs which are set when the missions are identified. As well as showing if further work is required to achieve the mission, objectives are also used to ensure that lower level strategies are contributing to achieving the mission. This means that they should be Specific, Measurable, Achievable, Relative and Time-based to allow for accurate assessment.
Fund 1 in 4 of all new build mortgages applied for in the UK during Strategy Strategies are the things which we think will achieve our objectives. They must link to at least one mission objective. These ideas are called tactics.
Example Strategies Increase our understanding of what individual customers are buying. Inspire and engage with year olds. Focus on Improving Stock Control. Tactic Tactics are those actions that we are going to do in order to fulfil the strategies.
Each strategy may have a number of tactics which could be undertaken by different business units. As the Mission is for a product - not all Tactics will require IT involvement. Example Tactics Introduce a clubcard loyalty scheme.
Pair with fashion designers to create the GB kit for the Olympic Games. Implement Just In Time lean production techniques.B-BBEE Financial Assistance (Incentives) Strategic Partnership Programme (SPP) The Department of Trade and Industry (the dti) initiated the Strategic Partnership Programme (SPP) to develop and support programmes/interventions aimed at enhancing the manufacturing and services supply capacity of suppliers with linkages to strategic partner’s supply chains, industries or sectors.
Building a strategic plan or engaging in strategic planning can make a difference, particularly when it has a long-term focus and is used as a management tool, rather than simply being an exercise in forms completion.
Traditional strategic planning can be broken down into four sequential steps: market research; strategy formulation and planning. Protected Species Survey.
Our team of specialist surveyors can carry out surveys and assessments on a range of protected and notable species, including bats, great crested newts, reptiles and more. Financial planning is the task of determining how a business will afford to achieve its strategic goals and objectives.
Usually, a company creates a Financial Plan immediately after the vision and objectives have been set. The Financial Plan describes each of the activities, resources, equipment and materials that are needed to achieve these objectives, as well as the timeframes involved. Champion for the Credit Union Movement.
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ICG Capital Securities Charlotte, NC Charlotte NC middle market investment banking firm representing buyers and sellers of companies in the middle market, placing private debt and equity securities for middle market companies and strategic advisory for mergers and acquisitions, corporate restructuring and exit planning.