Four ways understanding finance can benefit you and your company June 21, 2021

Four ways understanding finance can benefit you and your company

You might think understanding your company’s finances is best left to your finance manager or department.

But you’d be wrong. Developing finance skills can benefit you and your company in many ways.

To discover four ways that understanding your company’s finances can help you professionally and improve the overall health of your business, keep reading.

Analysing the performance of your department

Performance analysis isn’t a ‘one size fits all’ solution.

We all know, different departments will contribute to a company’s business goals in different ways. So, using standardised metrics wouldn’t demonstrate the impact of your department’s performance in a meaningful manner.

A better understanding of the company’s finances can help you to identify what metrics matter most to your department’s activity, both in its own right and also as part of the wider business strategy. This will mean any performance analysis is both accurate and relevant. Sign up to our Accounting Treatment of Financial Operations to develop your skills here.

Understand the financial impacts of your role

If you’re hoping to develop your career, negotiate a promotion, a rise in salary or added benefits, finances can help strengthen your case.

As a manager, financial insights can help you to make better informed decisions, motivate staff and implement strategies which increase productivity.

Drilling down your department’s performance and the impact of your specific role on that, can help increase your strategic value and give you vital leverage for career discussions. Join our world class trainers and gain a deeper understanding of the Essentials of Business Finance here.

Learn how ROI is created for your business and measure the metrics

A better understanding of how to add value to your company can help to ensure the success of any new projects up for consideration and contribute to business plans for growth and success.

If you are the project lead, an understanding of your company’s financial processes and reporting can assist project planning and refine your business case. This will ensure you incorporate detailed forecasting and budget data, develop realistic timescales, and measure your success using the right metrics.

For decision makers, collecting financial data around a project plan or pilot will allow you to ask the right questions about the advantages and disadvantages of each option, and make informed decisions to allow for the best investments in company time and resource. Our Feasibility Studies Preparation Analysis and Evaluation course can help you to make the right business decisions here.

Improve your financial knowledge with training

Regularly reading articles, blog and newsletters can help to build a basic baseline of financial knowledge, but if you want to delve deeper within in a safe and friendly environment, London TFE can help.

Online and in-person training courses, taking place in a range of stunning worldwide locations, are available to help develop professional finance skills and improve your health of your business.

Our courses are suitable for all levels of experience. Whether you are new to the field and are looking for a general overview of finance in business and how it impacts every day life, or you are well established and need a course more specific to your role, we have training available for you.

To view our full range of finance training courses, please visit Finance and Legal