FINANCIAL MANAGEMENT - INTRODUCTION

This is the 37th of a series of newsletters published on Business Management and Management Skills, and is the start of Chapter 2 on Financial Management. Not all topics discussed will apply to your business, but each section will be beneficial to establish company goals and objectives. By reading and studying these newsletter articles, you’re taking the first step in achieving your goals.

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The field of Business Management encompasses many activities that influence the profitability of your company, either directly or indirectly. This workbook was designed to assist you in managing your business more efficiently, effectively and productively. The complete program includes four major categories: Business Management, Financial Management, Job Management and Labor Management. This chapter’s scope is limited to those topics that are considered “financial” in nature.

The successful management of any organization is contingent upon many more factors than can be included in this workbook. Profitability depends on the total overview of an organization including employee management and job management, as well as all factors involved in general business management.

As a business owner/manager, you must constantly monitor the bottom line of your income statement to be sure that expenses are not exceeding income. The purpose of this chapter is to review factors that relate to the finances of your business.

You should keep in mind that pursuing overall profitability necessitates remaining informed of the current conditions of multiple financial factors in the process of managing the activities of your business. A manager is the template for multi-tasking abilities. You must keep all of the financial balls properly juggled in the air, at the right place, time, and velocity.

You need not go it alone. Professional special team members and consultants, such as myself, are readily available to lend an attentive ear, judge options and develop executable business plans for large, small, new or well-established firms. Professionals focus on stressing financial performance enhancement while developing and enhancing competitive advantages through the exercise of proven management expertise.

Mike Holt’s Comment: I would like to extend a special thank you to L.W. Brittian, a Mechanical & Electrical Instructor in Lott, Texas, for reviewing and editing the various articles in these newsletters. His comments and suggestions have been invaluable in the preparation of my Business Management and Management Skills’ Workbook. This newsletter article was extracted from that workbook. Watch for our next newsletter, and as always, we invite your comments and feedback. Send us your real-life experiences. We value your opinions and participation. Please respond to Barbara@MikeHolt.com. And… be sure to visit Mike Holt’s Website at http://www.mikeholt.com

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