Financial Manager Essay

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This essay will explain the main duties of the financial manager in a retail setting, the difference between a financial plan and a budget, how a budget can contribute to a business achieving its aims, the definition of a commercial manager and the five key qualities or skills that a commercial manager needs in order to succeed in this position.
A finance manager is a person who deals with finance related activities. The financial manager is responsible for making decisions on the investments, dividends and finance. The main aim is to make and implement decisions that maximize the profits of the business. The estimation of financial requirements; here the financial manager should be able to know how much the product is expected to cost and …show more content…

Also, the finance manager should be able to keep an ongoing coordination between the other sections such as stores and commercial management. These are the main duties of a financial manager in a retail setting.
A financial plan is a plan that focuses on the long term goals; it is the continuous process of forecasting and deciding how much to invest in order to meet the strategic goals and objectives needed according to the funds at the business. The objectives of a financial plan is to ensure that the finds are available whenever required and that firm does not raise any unnecessarily funds. Whereas, a budget can be defined as a plan for the short term. It is a plan only and not a forecast. They are usually prepared for one year or less period. A budget can …show more content…

First, a commercial manager includes developing and communicating a strategic vision of growing the products or services offered a company or organization. Second, the ability to energize sales and marketing to become more targeted and more closely aligned with customer needs and expectations. Third, be well-versed in the principles of commercial risk management. Fourth, the ability to execute high value added projects, products, and programs according to customer needs. Fifth, conducting extensive and detailed market research may also be a required skill for this

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