What do you understand by financial management ? As a manager, how would you raise and manage the organisation's financial resources ?
Financial management is a critical aspect of organizational management that involves planning, organizing, directing, and controlling an organization's financial resources. It encompasses various activities such as budgeting, financial planning, risk management, and decision-making related to investments and financing. The primary goal of financial management is to ensure the efficient use of financial resources to achieve the organization's objectives while maximizing shareholder wealth.
As a manager, there are several key strategies to raise and manage an organization's financial resources effectively:
1. Budgeting and Financial Planning:
- Budgeting: Develop a comprehensive budget that outlines the organization's financial goals and allocates resources accordingly. This involves estimating revenues, projecting expenses, and setting financial targets for different departments.
- Financial Planning: Formulate a financial plan that aligns with the organization's strategic objectives. This plan should cover short-term and long-term financial
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