Improving business performance requires an understanding of the components of profit and value. In today’s challenging economic times when financial acumen is expected at every organizational level, managers have to know how to justify a request, quantify their contributions to the company and spot profit drains immediately. This is because whether you are a financial expert or a nonfinancial manager, performance is measured in the same way – in Naira and Kobo.
This practical and activity driven “Finance for Non Financial Managers” programme will provide delegates with an understanding of the core concepts, tools and techniques in finance that can help make each decision pay off, on the job and on the bottom line. Participants will be guided on how to analyze financial information and will be taught the financial skills to improve the financial performance of their business.
Knowledge Development Objectives
At the end of the programme, participants will be able to:
- Identify the key features of financial reports.
- Interpret financial statements to determine where management attention should be directed.
- Determine actions which will improve financial performance.
- Identify the important financial principles of business development.
- Determine from set options, financial strategies and their impact.
- Identify the important factors in capital investment decisions.
- Get a firm grasp of the numbers side of their work.
- Gain greater confidence with a working knowledge of business financials.
- Learn how to “think finance” and translate performance into financial terms.
- Cultivate proactive working relationships with finance professionals and enhance their value to the organization.
- Understand the business dynamics of finance and take initiatives that meet their short- and long-term goals
- Take the guesswork out of their decision making and deliver a better bottom line
- Key finance terms: assets, liabilities, capital, depreciation, capitalization, current ratio and others
- The accounting process: journals and ledgers, how debits and credits work
- Mastering the mind-set: see business in terms of Naira and Kobo decision options that pay off—short- and long-term
- Basic accounting principles
- Applying accounting conventions and guidelines
- Developing working rules regarding your corporate financial statements
- Using the balance sheet to examine assets and liabilities
- Analyzing the income statement to assess revenues and expenses
- The statement of cash flow: sources and uses of funds
- Content and format of the annual report
- Understanding the footnotes
- Debt vs. equity financing
- How leveraging can increase return to shareholders
- Keeping your plan on target with budgetary controls
- Using profit-planning tools, break-even analysis, financial forecasting
- Cash flow: where cash comes from and how it is applied
- Elements of cost accounting
- Analyzing payback method, discounted cash flow, present value and present value index in making profitable capital investment decisions
- Criteria for examining the performance of divisions and product lines
- Understanding the cost of capital
Who Should Attend:
This programme is designed to provide managers in non-financial positions with a practical understanding of finance and accounting. It is assumed that delegates have no formal accounting or finance knowledge.