Defining Financial Planning And Financial Management Essay

Defining Financial Planning And Financial Management Essay

Length: 710 words (2 double-spaced pages)

Rating: Better Essays

Open Document

Essay Preview

There are six functions that you have to do efficiently. Many things have to be considered when running an organization; you have to take care of your staff, produce a quality product, and have impeccable customer service. Each step is just as important as the other, if you don’t do one function properly you may affect other functions in your company.
The first of the six key functions of business is financial records and management. It is first important to first define financial planning and financial management. Financial planning is the planning for the future of a business to ensure there will be positive cash flow in the years to come. Financial management is when a business monitors its cash flow to ensure the continuation of the business’s operations is as effective and efficient as possible. Financial records keeping and proper financial management will ensure the longevity of your company; this includes keeping reliable financial information useful in making decisions. Anything that has information about the value of the company is important.
The next function is legal management. This is ensuring that your company is following all local and federal laws that is required of them. This is everything from making sure that you are operation under the correct form of business (LLC, Corporation, Sole Proprietorship, and Partnership) to warranties, contracts, and licenses. A big portion of legal management goes hand-in-hand with financial records and management. You want to make sure that your organization is filing taxes correctly, you also have to consider other things like environmental impact, background checks on employees, etc. (depending on what kind of business you are running).
The next on the six key functions is...


... middle of paper ...


...uctive environment to work in. This is often a process that is overlooked but it is just as key as any of the other functions.
The sixth and final key function is production. This is the process where your company actually creates the products that you’re going to sell, or give the service that it provides. It is important that there be a lot of attention to detail in this process. A lot of this process is covered in the operations function. It also important to take into consideration the customer feedback and so that you can make the proper adjustments.
If you and your management execute all of these functions you will have a robust company. Each function is important and must be taken seriously if you want to see your company succeed and be profitable in the long term. Professionalism and consistency in these functions will ensure the longevity of your company

Need Writing Help?

Get feedback on grammar, clarity, concision and logic instantly.

Check your paper »

Management Planning of Arthur Anderson Essay

- In this paper, the writer will evaluate the planning function of management within Arthur Andersen. Specifically, the paper will discuss at least one legal, ethical, and social responsibility issue that impacts Arthur Andersen. Additionally, this paper will analyze the impact these factors have on Arthur Andersen’s management planning. Finally, this paper will analyze at least three factors that influence Arthur Andersen’s strategic, tactical, operational, and contingency planning. The firm of Arthur Andersen LLP was founded in 1913 by Arthur Andersen and Clarence DeLany and named Andersen, DeLany & Co....   [tags: Business Analysis Planning Management]

Better Essays
1278 words (3.7 pages)

Essay on Strategic Management : Strategic And Management

- Strategic Management What is strategic management. In this study we will view what a manager’s role is and the development of strategic management has an affect on their companies performance. We will examine strategic management, what the benefits and problems are when utilizing strategic management, and how to implement strategic management in the company. Strategic management is a process to enhance the goals of your business. This gives managers a strategic awareness and value of the company when strategic management is implemented....   [tags: Management, Strategic management, Planning]

Better Essays
881 words (2.5 pages)

The Fundamentals Elements Of Security Management Planning Essay

- The fundamentals elements of security management planning include guiding the following activities defining security roles, prescribing how to manage security, deciding who will be responsible for different security roles, testing effectiveness of the security measures, describing security policies, and conducting security education and awareness campaigns. The five cases of corporate vision proclamations, corporate statements of purpose, and corporate objectives are Advance Auto Parts, Albertson Inc, Ameran, American Financial Group Inc, and AmerisourceBergen....   [tags: Security, Management]

Better Essays
1090 words (3.1 pages)

Essay on Analysis Of Financial Services Project Management

- McBride Financial Services Project Management Student’s Name: Institution’s Name: Introduction Establishing and staffing eight new offices of McBride Financial Services is a significant project that will require proper planning and management. Given that the offices to be established are virtual, advanced technological tools will be required to ensure successful running of the offices while maintaining smooth communication. For every project to be successful there must be strong leadership, appropriate planning using management tools and processes as well as techniques for projects implementation (Pritchard, 2004)....   [tags: Project management, Management, Quality assurance]

Better Essays
858 words (2.5 pages)

The Four Functions Of Management: Planning, Management, Leading and Controlling

- The process of working with resources and people in an organization to accomplish a goal can be defined as management. "The traditional functions of management "planning, organizing, leading, and controlling" continue to be the key activities used to enable the organization to accomplish its goals and objectives. Though significant changes have occurred in all organizational structures, processes, and managerial styles, these traditional functions remain a constant. (Anderson & Pulich, 2002) To be an effective manager in any organization they must posses these skills....   [tags: Business Management]

Better Essays
871 words (2.5 pages)

Essay about Functions of Management

- Functions of Management The four functions of management are: planning, organizing, leading and controlling. Management is defined by many different authors as the process in which individuals motivate others to achieve a common goal. To be an effective manager you must not fail at any of the four functions or your team will not meet its common goals. When defining the four functions of management James Higgins suggested in his article entitled “the five functions of management” that there are five areas which are planning, organizing, staffing, directing and controlling....   [tags: Business Management]

Better Essays
1132 words (3.2 pages)

Functions Of Management Essay

- Functions of Management The process of working with resources and people in an organization to accomplish a goal can be defined as management. "The traditional functions of management— planning, organizing, leading, and controlling—continue to be the key activities used to enable the organization to accomplish its goals and objectives. Though significant changes have occurred in all organizational structures, processes, and managerial styles, these traditional functions remain a constant." (Anderson & Pulich, 2002, para 1) To be effective in any organization a manager must posses these skills....   [tags: Business Management]

Better Essays
851 words (2.4 pages)

Leadership And Management Essay

- In today's world economy companies come and go every single day. It takes good strong leadership and management to guide an organization to success. While many people consider management and leadership to be synonymous they are in reality two different concepts. A person can be a good leader but if he does not know how to manage a company that company will be destined to fail. Also if a person had great management skills but lacks in leadership no matter how good he is if he can not lead his employees towards the goal then it is a failed attempt at success....   [tags: Business Leadership Management]

Better Essays
1341 words (3.8 pages)

Functions Of Management Essay

- Functions of Management Virtually everyone is aware of the infamous "dot-com" crash in early 2000. However, not everyone is as conscious of the telecom bust. According to the editorial of The Economist, The Great Telecoms Crash, "The telecoms bust is some ten times bigger than the dotcom crash: the rise and fall of telecoms may indeed qualify as the largest bubble in history." Companies caught up in the telecommunications industry were forced to take huge debt write-offs and even resorted to fraudulent accounting tricks as displayed by WorldCom...   [tags: Business Management Analysis Leadership]

Free Essays
755 words (2.2 pages)

Business Management Essay

- Business Management       The world of business has undergone radical and dramatic changes in the last decade changes that present extraordinary challenges for the contemporary manager. A manager is an organizational member who is responsible for planning, organizing, leading, and controlling the activities of the organization so that the goals can be achieved. According to a widely referenced study by Henry Mintzberg, managers serve three primary roles: interpersonal, informational, and decision-making....   [tags: Business Management]

Better Essays
1102 words (3.1 pages)