Finance for Non Finance – Why ?

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Why is training useful?

Why is Finance for Non-Finance training useful?

Training is teaching or developing in oneself or others, any skills and knowledge that relate to specific useful competencies. Training has specific goals of improving one’s capability, capacity, 1productivity, and performance.[1]

So based on the definition above we can safely say that training makes us better in any of the areas that we are looking for training.

Training also makes us match better the requirements of the modern business organizations, therefore it makes us better at our job by enhancing our capabilities, skills, and knowledge.

What about finance training?

You might ask yourself why would you need finance training if you are a non-financial professional? In the “classical” concept you are totally right, you do not need any finance training if your profile is non-financial. This is one of the reasons why finance departments exist, to take care of the finance part of the business.

In a modern business organization, the mono disciplinarian approach is not valid anymore. The 21st-century business environment is characterized by speed, information, and knowledge. This change in paradigm from the classical view has left its marks.  In the modern business environment, you are as good as your knowledge is, meaning your value goes up the more knowledge you have.

Because of the fact that businesses are mostly profit-driven, their goal is to create value for their shareholders, almost every activity in a business organization is influenced or influences in some way the financial output results.

Therefore for a better understanding of businesses and business actions, non-financial professionals should have a basic understanding of finance and financial terms.

In FEP by TopCFO we have captured the basic concepts that every professional should know and understand.

Financial Statements are one of the cornerstones of basic financial education and understanding. The basic understanding is important for any professional as they show the output and results of the business activities.

Break-even and contribution margin alongside the understanding of the cost types are concepts that guide economic principles that are valid in any type of business regardless of size, the field of activity and their organization maturity. The proper understanding and knowledge about these topics can bring a huge improvement in any project, activity or task.

Pricing and costing are one of the most challenging tasks for any non-financial professional. Therefore at FEP by TopCFO in the  Finance for Non-Finance training session we have focused on the topics that lay the foundation of financial knowledge and education for any professional.

Strategic Management, Budgeting, and Cash are the next level of financial understanding of a business. These concepts apply to any professional activity, sooner or later you have to plan, set goals and monitor your plan. You have to elaborate your plan and underline and support it with numbers ( costs and revenue that eventually means also cash ) by making a budget and supporting it with cash flow in order to have transparency, predictability for your investors. Investors can be any stakeholder from within or external to your company.

Start making the first step, start getting better by improving your financial knowledge for yourself or your organization. In today’s world one of the important aspects is finance, so make your first step to TOP with TopCFO.

To find out more about the topic please get in touch with us

FEP – Finance Excellence Program is a TopCFO training program that has its roots in more than 20 years of practical professional working experience in different companies.

Reference

[1] https://en.wikipedia.org/wiki/Training

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