Overview
This practical, straight forward course demystifies business finance for non-financial managers, enabling you to make financial decisions with confidence and understand the world of management and financial accounting with greater clarity.
It will enable you to be more financially pro-active in your current role, helping to maximize efficiently and effectively the resources of your organisation.
9.30 – 12noon: Morning session
12 – 2pm: Break
2pm – 4pm: Afternoon session
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 maximising working capital and increasing your organisation's efficiency to understanding the profit drivers of your particular business. 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 bottom line by understanding profit drivers, both financial and non-financial
- How to manage working capital as effectively as possible, making cash work as well for the business as It can
- How to use KPI's to assess your entity's financial performance
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.
- What costs are relevant for decision making purposes, and which should be ignored
- How to appraise different investment projects – from payback period to discounted cash flows
- 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
Who is it for?
This course is for you if:
- You are involved in or have some budget responsibility
- You want to understand how to maximise profit in your unit/department/organisation
- You are expected to work with accounting reports as part of your everyday role
- You are aware that you need to know more about the financial impact on your organisation of the decisions you take
Your facilitator
Sarah Hobbs
Sarah is the co-founder of Vondel Professional Development, and is an engaging and highly qualified business and training consultant who specialises in making finance easily comprehensible for non-financial professionals. She has worked with a variety of clients across both the private and public sector including HMRC, Ince & Co, Wolseley, United Biscuits, PwC, Knight Frank, Mothercare, Nabarro, Norton Rose, BMJ Publishing and Barclays Bank.
Feedback
Good overview. Jargon busting and increases confidence with finance. Really good course. Good knowledge, great delivery and always enthusiastic.
Programme Manager
Excellent - Well delivered and good pace. From a beginner point of view, a good understanding of subject matter achieved rather quickly. Event was well organised from morning coffee to afternoon lunch. Staff were friendly and approachable.
OPS Team Leader