Appropriate financial oversight by the business owner is key for sustainable business development. Ineffective financial management is the biggest reason for business failure. Despite this, many business owners delegate this responsibility entirely to their employees feeling they don’t understand it well enough themselves. In order to avoid unfortunate consequences, we organized an intensive training course on financial management for business owners so they understand how to personally provide effective financial oversight for their company.
In July 2017, training on Effective Financial Management Tools was provided for Small and Medium Enterprises (SME) Development classes 12 and 13. The course includes basic financial concepts, using Swiss Create Business Management (SCBM) software, and the four Swiss Create financial management tools: Pricing Calculator, Balanced Scorecard, Investment Calculator, Trade Calculator.
After two days of training, participants understood:
– how to identify risks and challenges in managing finances,
– how to develop a plan for risk management,
– how to recognize potential customers, and
– the necessity of keeping personal and business finances separate.
Group discussions were used to practice the tools. This was a great opportunity for business owners to learn and experience financial analysis while exchanging knowledge together.
After this training, I saw my important role and the urgent tasks in managing finances. The tools are very useful and easy for me to understand, especially the four Swiss Create financial management tools which are very necessary for my business. I will apply these tools to my company soon.