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Individual Financial Coaching
There's a need for Individual Financial Coaching…
... because every business decision has financial implications
Many senior managers in technical or other non-financial spheres have had little experience in speak the language of business. Many also lack an appreciation of how their actions influence the organization’s financial results. While skilled in their particular discipline, they are lacking in commercial literacy. To play a more strategic role in the business, they need a sound working knowledge of financial terminology and information.
Getting up to speed
One-on-one coaching offers a discrete and personalised solution. The manager's particular needs are assessed and a tailored response prepared. They are lead through an appropriate selection of discussions and exercises that will clarify and put into context a wide range of essential financial concepts.
The overall aim is to provide the individual with the background needed to understand the impact of decisions made on the business’s profits and cash flow, and to be able to report on the performance of non-financial departments in financial terms.
Coaching Programme Structure
An initial two full days are devoted to providing an understanding of the following areas:
· how profits are made - the relationship between margins, volumes and expenses
· the effects of price changes on profit
· the difference between profits and cash
· the profit forecast and how to calculate break-evens
· the budgetary process and interpreting budget variances
· how to motivate requests for capital expenditure
· the cash flow forecast and the importance of liquidity
· the management of working capital (including credit management)
· accounting principles and how accounting works
· how accountants calculate profits
· financial statements and their interpretation
· the key indicators for checking the ‘health’ of a business
A third full day is made available and may be taken up by a series of shorter consultations over the coaching period. Telephonic consultations to review related issues that arise are also part of the coaching service.