In response to many requests we are now offering separate finance workshops for public sector managers and directors.
These are difficult times for government bodies, with less money from government budgets needing to satisfy an increased demand for public services. In certain sectors such as the NHS, not only is the demand for services increased, but the complexity and acuity of cases is also increasing.
Public sector managers face a unique set of challenges. This workshop is designed to help them get to grips with their financial targets and the often confusing financial jargon that is used in setting them. We will also demystify the key financial statements and look at the budgeting process.
This practical, straight forward course demystifies business finance for non-financial managers operating in the public sector, be that healthcare, social housing, education or NPOs. It will enable you to make better strategic financial decisions with more confidence and to understand the world of management and financial accounting with greater clarity.
It will also enable you to be more financially pro-active in your current role, helping to maximize efficiently and effectively the resources of your organisation, a key responsibility for those working in public sector bodies.
What you'll learn
DAY ONE: ESSENTIAL FINANCE
This workshop focuses on the 'bigger picture', looking at how the annual statements are put together and how they are linked. It also has a practical focus - from looking at the importance of increasing your organisation's efficiency and maximise cost savings to understanding how to strategically increase the surplus/decrease the deficit of your particular organisation. We will also look at key financial metrics, and see how they can help in monitoring your organisation's performance.
What you'll learn:
- The layout and terminology of the three main financial statements: the balance sheet, the profit and loss account and the cash flow statement
- How the three statements link together
- How to increase your organisation's surplus by knowing which levers to pull
- How to manage working capital as effectively as possible, making cash work as well for the organisation as it can
DAY TWO: ESSENTIAL COSTS AND BUDGETING
This day focuses on internal financial management - the nuts and bolts of any business. Costs, break-even analysis, investment appraisal - at the end of the day you will understand how to ensure your actions and decisions have a positive financial impact.
What you'll learn:
- How different costs behave and the impact of this on profitability
- How to calculate breakeven point, and how to use CVP (Cost Volume Profit) analysis to work out optimum sales levels.
- How to appraise different investment projects – from payback period to discounted cash flows (in accordance with The Treasury's guidance for public sector business cases)
- How to carry out a qualitative cost/benefit analysis as well as a quantitative one – e.g. when customer service or staff morale is the main objective
- The way budgets are constructed and interpreting variances