Financial Management

Some management skills cab be acquired while on the job. Organizational skills cab be learned over time if the work environment allows. Leadership qualities cab be present from experience outside the workplace (e.g., scouting, fraternal and social clubs, and community or neighborhood improvement association). Other management skills, however, are highly technical in nature and do not lend themselves to an on-the-job-training approach. Among these are financial management skills. The purpose of this text is to present the cadre of “up through the ranks” managers with a basic level of financial management principles, including understanding financial statements and ratios, preparing an operating budget, and using financial analysis to help with decision making.