Financial Management in Turbulent Times

by David Allen
access120 days access
cpd hours4 CPD hours
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This course will enable you to:

  • Think about how financial aspects can be managed, with particular reference to the greater importance now attached to the customer dimension, and to the popularity of more devolved structures.
  • Consider the irrelevance of many academic hypotheses (like efficient markets and capital assets pricing) and find an alternative approach to establishing decision-making criteria and your communication within a multi-product/market organisation structure, so as to assess value and ensure accountability.
  • Move away from the "command and compliance" style of management towards the "trust and commitment" one; its connection with the need to balance the interests of various stakeholders, and the pressure for greater CSR.
  • Examine how investment appraisal techniques are being adapted so as to cope with a greater degree of uncertainty and an increase in the proportion of investment which produces intangible assets – coupled with a practical approach to the monitoring of investments, strategies and businesses.
  • Look at your relations with customers and suppliers, and how they have changed. This will be with particular reference to credit and stock controls, the inappropriateness of traditional approaches, eg reliance on customers' published accounts, and the importance of thinking globally.

Many of the techniques that underpin financial management were developed in conditions of stability. Yet the more recently, we've seen increasing and unprecedented turbulence.

This new peer-enriched learning course focuses on the dynamics of financial management. You will be prompted to think through how the volatility which characterises today’s business environment has affected your particular enterprise, and how you are, or might be, responding.

Financial Management in Turbulent Times is part of Nelson Croom's Issues and Debates suite of learning. Issues and Debates courses stimulate intelligent dialogue and debate and provide a valuable and evolving resource of professional knowledge and experience. These courses are topical, practical and highly relevant to today’s changing market. Each module is split into two activities: Understanding the issues and Putting it into practice. The first encourages you to think about a topic, drawing on your own professional experience and knowledge. The second helps you to put ideas and/or theories into practice as part of your day-to-day work.

The place of finance in the organisation

  • Planning v. strategy
  • Devolution
  • Fixedness
  • Customer orientation
  • Participation

Financial objectives

  • Retirement planning
  • An insurmountable opportunity?
  • Charity begins at home
  • A matter of discounting
  • Overhead recovery

Investment appraisal

  • Marketing
  • Interest rates
  • Uncertainty
  • Monitoring

Working capital

  • Cash is tight
  • Customer mix
  • Transparency
  • Competitive risk

David Allen CBE, MPhil, FCMA, FCIS was employed for many years by the Cadbury Schweppes group, holding directorships of various companies, latterly Cadbury Ltd. Whilst with the group, he coined the expression Strategic Financial Management to refer to an approach which enabled the finance function to play a proactive role in the formation and monitoring of strategy, and offered an antidote to short-termism.

During that period he was also president of the Chartered Institute of Management Accountants (CIMA), chairman of the Management Accounting stream of the International Federation of Accountants, a visiting professor at Loughborough University Business School and a member of the Review Panel of the Financial Reporting Council.

He retired from all of the above in order to concentrate on the promulgation of the concept and practice of Strategic Financial Management, through the medium of S. F. M. Ltd. This involved writing, lecturing and consulting, and led to a number of non-executive directorships in private and public sectors.

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