Financial Management: Strategies for Business Success
Financial Management: Strategies for Business Success
Financial management is the managerial activity concerned with the planning and controlling of a firm’s financial resources. In other words, it involves acquiring, financing, and managing assets to accomplish the overall goal of a business enterprise.
Objectives of Financial Management
- Create wealth for the business
- Generate cash flow
- Provide an adequate return on investment, considering the risks and resources invested
Elements of Financial Management
- Financial
Employee Motivation and Knowledge Management in the Workplace
Motivation of Workers
For people to conduct activities as planned, the company must address motivating them.
Main Theories on Motivation
A) Maslow’s Hierarchy of Needs
Human needs explain all human behavior. Maslow divided needs into five levels:
- Primary: Those related to survival (eating, drinking, etc.).
- Safety: Avoiding risks from ignorance about the future.
- Social: Integration into the family and groups; feeling accepted and loved.
- Esteem: Appreciation and respect from others; recognition.
- Self-actualization:
Understanding Money Creation, Financial Systems, and Markets
Banks and Money Creation
Banks can accept deposits and grant credits. However, they are also required to keep a portion of these deposits as reserves. Reserves are composed of cash in the bank and deposits of banks in the Central Bank. Banks are required to maintain cash reserves to deal with the withdrawal of deposits by customers. The Central Bank requires this, and it is an instrument for monetary policy. The amount of bank money created depends on the reserve requirement ratio (k): the larger
Read MoreAlpha Phi Alpha Risk Management and Member Responsibilities
Insurance Coverage for Activities and Events
General Org has an insurance policy that covers approved chapter, district, and regional activities/events.
- Districts and chapters must ensure events have insurance coverage.
- Chapters are held responsible for alcohol-related accidents.
- To get insurance coverage, chapters must be in good standing and submit a special event checklist.
- A special event is something that is NOT regularly scheduled.
- All events, including community service events, require a special
Impact of Dam Construction: Stakeholders, Costs, and Benefits
Stakeholder Groups Impacted by Dam Construction
Stakeholder Group 1: Government of Country X
Stakeholder Group 2: Community
Stakeholder Group 3: Shareholders of Generation Elect
Impact on Shareholders of Generation Elect
Shareholders of Generation Elect: The construction of the dam would affect the shareholders of the business since they would want to know how much profit is expected from its operation to determine the potential dividends they will receive. At the same time, if the construction is accompanied
Read MoreProcurement Process: Stages and Best Practices
Stages in the Procurement Process
The procurement process involves planning purchases closely related to the needs of customers and conducting sales of previously incorrectly acquired items. A poor supplier selection can lead to increased transport costs, poor quality of products, unreliability, uneconomical prices, and delays in delivery times.
Stages of the Shopping Circuit
Start the process:
- Knowledge of the market
- Assess the needs and conditions for their satisfaction
Preparation of the purchase:
- Request