“Join the dots between Relevant Information, Strategy and Value-added Decision-making”
It is vitally important for organisations to develop the ability to sift through ‘big data’ and identify key financial areas of focus for integrated and effective planning, budgeting, and decision-making to ensure not just their economic survival but to create the basis for future development and growth.
Effective planning and budgeting should aim to optimise the use of scarce resources. During a period of economic slow down, which is an inevitable element of boom and bust cycles, it is also crucial that every financial decision is value-adding – waste (and therefore cost), meaning anything that is not value-adding, and should therefore be eliminated or at least minimised.
During difficult economic conditions many organisations immediately reduce discretionary expenditure. But budget cuts in financial training may have a detrimental effect on the organisation because it covers precisely the essential skills and expertise that should be acquired to ensure that the organisation can survive financially and plan and prepare for its future growth. Such skills include the ability to sift through ‘big data’ and join the dots between relevant information, strategy and value-added decision-making.
Managers employed in every function at all levels in the private, public and voluntary sectors, and in manufacturing and services, are expected to digest large amounts of financial information in order to make business decisions, and prepare plans and budgets. To carry out these tasks successfully it is important that both financial and non-financial professional refresh and update their knowledge and skills in the key areas of financial planning and budgeting.
The lack of appropriate knowledge and expertise exposes organisations to risk through a failure of managers to:
- Understand financial and economic indicators and read the warning signs
- Advise on appropriate actions and make correct decisions
- Prepare effective financial plans and budgets
- Eliminate waste and control overheads and other costs
The resources for appropriate training to acquire the required financial planning and budgeting know-how are readily available. AZTech training is a World-class training provider of public and in-house courses for financial and non-financial personnel at every level that include business planning, forecasting, budgeting and cost control. Our user-friendly training courses encourage participants to openly express and discuss their opinions and experiences and flag up the areas in which they require further guidance.