Imagine you are a non-financial professional that just joined a new and exciting company that has offered you the job of your dreams.
After the induction period that gave you somehow the orientation in the company and in the new job, you are expected to deliver and provide your input in the new field of responsibility.
All a sudden you are requested to deliver a sustainable, predictable and professional plan for your department for the upcoming period. Also, you should deliver and present to the company managing your assessment regarding the potential of your department with respect to in-sourcing, out-sourcing or additional investments.
Basically the company trusts you and wants your opinion and a fresh addition to the team, they want to know something like ….OK and what now?
Will you be able to provide all the needed info to the top management?
Besides giving them all the technical specs of your activity you need to make and sustain your business case, you need to make your point by using some numbers relating to your new company, team, and activity.
Coming back to the initial request, you’ll have to prepare a pretty detailed budget for your department and activity that sustains and supports your plan for your new department.
To be able to understand the request you have to have a common understanding of the basic financial concepts, roles, and principles. Besides these, you have to understand and know the basic budgeting principles as well as the basic management principles. Also whenever you plan additional equipment and machines for your activity you are supposed to present a make or buy and a return calculation that defends your request.
You might say that you are a NON-FINANCE PROFESSIONAL why should you mind with all this FINANCE stuff?
To be efficient and deliver the wanted and required results you have to go out from your comfort zone, your known area of activity, you have also to “speak” and “understand” business.
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