Sound and effective Financial Management provides the bedrock for sustained growth and profitability in the private sector. Investment analysis, supply chain management, warehouse management and inventory control, procurement, internal audit, financial analysis, strategic planning, financial accounting, management accounting, cost accounting and cost of service studies, risk analysis and management, external audit, and tax planning are all important elements of financial management. The firm that effectively addresses each of these together can make the difference between success and failure; whether the firm be operating in the service industry, is into production, or mining, or agribusiness or in be the utility business.
In the developing country context, Small and Medium Enterprises (SMEs) form a significant and growing part of the private sector. These have particular challenges in meeting the requirement for the full application of modern financial management techniques. This is true especially in developing countries where often traditionally financial management has been constrained to two ends of the spectrum. On one end of the spectrum there was the small business person whose entire financial management approach was the release of cash out of his or her pocket, guided by personal experience, intuition and personal relations. On the other end were the large multi-nationals whose financial management systems are developed, evolved and mandated outside of the country without significant input or consideration of the local developing country context. The increase in SMEs and the overall robust growth experienced in the private sector for a number of developing countries across Africa and Asia where real GDP growth rates of 5% to 8% are not uncommon, defines a strong need and imperative for capacity development in the area of financial management.
Under the Financial Management Programme, Idilmat offers courses based upon simple, robust analytical frameworks. The Idilmat professional development workshops provide a balance of theory and practice, delivered by experts who have distinguished themselves both in practice and academically. Our approach serves as a practical basis for integrating the different components of Financial Management using modern management approaches and based upon productivity software tools. Our holistic, tailored perspective will provide the tools to develop capacity providing improved overall performance as measured by effectiveness, efficiency and sustained profitability.