'Rule No.1: never lose money. Rule No.2: never forget rule No.1.'
Warren Buffett – American Buinessman and Investor
In a recent Ernst and Young Survey of 669 UK/European companies, 65% stated that the main business priority was ‘managing costs’; closely followed by ‘improving financial controls’ (57%).
Common concerns we hear include:
I don’t understand the financial jargon
How can I get a better understanding of financial terms and principles?
How can I better understand how finance works in my organisation?
How can I feel more in control of the financial aspects of my role?
Managers today are increasingly expected to understand and manage the finances in their area and often participate in financial decisions such as business cases and budget reviews. However Finance, like most professions, has its own jargon and terminology together with some processes and principles which often seem at odds to how we would manage our personal finances. This makes it confusing for non-finance people to understand how finance operates within organisations and prevents them from engaging in financial discussions and activities.
This course is designed to ‘de-mystify’ the world of finance and provide you with the confidence and competence to engage in financial activities in a way which demonstrates an understanding of the way finance is measured, the documents and statements which communicate it and the business conditions which drive financial decisions.
This course is for all non-financial managers, as well as people in other roles, who want to develop a better understanding of how finance operates in their and other organisations, for example to:
‘Talk finance’ with finance specialists, finance teams and the CFO
Better understand the costs and finance of your team and organisation
Better understand financial reports and statements
Manage a budget with greater understanding
Prepare better business cases and carry out investment appraisal
Make better decisions, informed by the figures
Delegates should come with a clear idea of how they want to use their financial knowledge back in the workplace and with copies of any documents they regularly use, for reference and discussion.
Welcome and Introductions
Financial Principles and Terminology
Financial principles – how finance works in organisations
Terminology – making sense of the language
Business cycles – Operational and Capital Investment
Financial statements - Income and Expenditure (P&L) and Balance sheets