FINANCIAL MANAGEMENT TO PROMOTE ORGANIZATIONAL SUCCESS
Regardless of which industry(s) businesses operate in, it could be said that they are all in the business of financial management. A business could become unviable and close to shutting its doors if it loses control over its financial state. There are many companies that fell into this category, such as Enron, Blockbuster, British Home Stores (BHS), Woolworth, Comet, Kmart, Compaq, Northern Rock, Lehman Brothers, and countless others not as prominent as these. Managers can better avert this fate by analyzing companies financial practices resulting from the decisions made given their current processes, as well as by making the most appropriate and ethical financial decisions based on the evidence available. In this Discussion, you will examine the practices and culture of an organization in regard to financial management and how those aspects impacted the organizations success.
Note: For this Discussion and for the Discussions throughout this course, you will be asked to refer to personal and professional experiences, as well as use examples from your research. In doing so, it is important to remove any personal biases that you may have about organizations you discuss and instead focus on the areas of financial management. For example, you may have disliked a previous employer, but that should not prevent you from extracting important financial lessons from them, whether the lessons are good or bad. Or, if you admire a company or business leader that you plan to research, be careful not to allow your preconceived ideas about them sway your observations. Aim to focus on the financials, allowing the numbers to speak for themselves. Additionally, as noted in the Course Introduction, the Business Skill for Good for this course is evidence-based decision making, and therefore you are encouraged to keep this in mind as you discuss organizations and their financial situations. You may not always have access to real financial information due to it being proprietary or undisclosed, but you should aim to use as much evidence as possible to justify your assertions in the Discussions for this course.
RESOURCES
Be sure to review the Learning Resources before completing this activity.
Click the weekly resources link to access the resources.
WEEKLY RESOURCES
To prepare for this Discussion:
Consider a company where you have worked (or one with which you are familiar) that demonstrated solid or poor financial practices. Be prepared to discuss the company, as well as provide some details on how the financial practices were demonstrated.
BY DAY 3
Post an analysis of the impact of an organizations financial management practices on its success.
Briefly describe the organization you selected. Note: When using specific examples from your professional experience, be sure to disguise the names of any individuals or organizations and/or any proprietary or sensitive information.
Identify the practices within that organization that reflect good financial management (or a lack thereof).
Describe the aspects of the organizations culture that support those financial practices (whether good or bad).
Examine how the organizations financial management practices have impacted its overall success. Be sure to include at least one specific example of how the company was successful.
Refer to the Week 1 Discussion Rubric for specific grading elements and criteria. Your Instructor will use this grading rubric to assess your work.
