Skip to main content

Melneka Parker | Finance Education for Business Executives

Melneka Parker | Whether you are in sales, operations, or managing technology in an organization, as you grow in your career, you will be required to make financial decisions. What’s the best way to allocate the team budget? How can the company maximize its return on investments? Can the company afford to make capital investments? These are some of the questions that are not limited to just the finance professionals.
As the world of business becomes more complex, all the employees of the company are expected to be able to speak the language of finance and accounting to make the system more efficient.
Melneka Parker
Melneka Parker
Lack of basic financial understanding can seriously hamper your growth prospects. Even if you have all the skills to become a CEO, if you can’t read and interpret a company’s balance sheet, you don’t stand a chance to get that coveted position.
Melneka Parker | There are various ways to equip yourself with what you need to know about finance as a business executive. The first step towards your finance education is to grab a book that teaches you the basics. There are plenty of good books that have been written with non-finance professionals in mind.
Most business schools offer part-time Executive MBA or other executive programs for working professionals. This is a good option as you study from the experts, and also earn a degree or certificate at the end of the program.
The objective is to get decent knowledge of finance and accounting and be able to apply it when required. Let’s take a look at some of the important concepts that you need to know as a business executive. First and foremost, you need to realize the importance of finance and accounting function and the difference between the two. You also need to know some basic accounting terminology, such as double-entry accounting, debt, credit, assets, and liabilities.
The most important thing that you need to know is how to read and interpret the key financial statements of a company. The three commonly used financial statements are balance sheet, income statement, and the statement of cash flows. As a senior business executive, you are expected to know these statements, and how they are interrelated with each other. Based on your knowledge, you should be able to pick up the key financial data from these financial statements and use it for making key decisions. For example, if you are in a meeting discussing a future project, you should be able to take a call on whether the firm is able to finance this new project, depending on how much the company already owes, or how much profit the company has retained. Apart from these you should also have some knowledge about costing and budgeting techniques.
Melneka Parker | In summary, having a grasp on the key finance concepts and your ability to interpret financial data can provide a significant boost to your career and enhance your reputation among your colleagues.

Comments

Popular posts from this blog

Melneka Parker | Top Business Consulting Tips

Melneka Bowers | There are many different business consulting tips that can be recollected here. I will be interspersing many different tips for business consulting. The top five will be discussed here. These tips are for finding a business consultant, as there are different tips for different sections when talking about consulting and business. When you are looking to hire a consultant, bear in mind these particular questions and the answers to those questions before hiring someone to consult your business. These questions are not limited to experience, business know how and cost, they also range to interviewing and checking all references and resumes. The first thing that you need to do is to understand what role the consultant will play in your business. A consultant is there to help your business thrive and to supplement your own knowledge. Another thing to keep in mind is that you need to define the work that will be done, such as business model problems, personnel problems, ...

Melneka Bowers | What Is Consulting?

Melneka Bowers | When you want to know what is consulting, you must know that businesses hire consulting services in order to maximize their growth and efficiency. The consultants help businesses to identify and overcome problems that are obstructions to their success.  Melneka Bowers  Generally, businesses are well aware of their problems but they don’t have the know-how or expertise to sort them out. In such a situation, a business consulting company will help assess the entire business operation. Then, they help the business through a step by step assessing process. The inspected areas also include the supervisory and management. Thus, a business consultant can help you identify and resolve problems that hinder the growth of your company. Read More Click Here…   Melneka Parker

Melneka Parker | A Look at Small Business Consulting Services

Melneka Parker | Small Business Consulting Services Can Produce Change When it comes to opening a small business for the first time or keeping an existing company running smoothly, there are many areas that need to be focused on. A person may feel as if they have everything under control, when, in fact, things are going haywire. A business owner or manager may be looking for a consultant to come in and assist. Here are just a few examples of some of the small business consulting services that can be offered. Melneka Parker As a new company, there are important things that should be addressed before operation begins. All businesses should have a business plan in place. This helps a company identify its strengths and weaknesses, and this is a very important key factor. (Melneka Parker) A consultant can help set goals to keep the strength’s firm and improve the weaknesses. It is a known fact that competition grows daily, no matter what the business is. A business plan should also in...