This unit describes the skills and knowledge required to implement and review financial management strategies, including by using new and emerging digital technologies and interpreting financial reports and other numerical data.
The unit applies to those establishing a business providing self-employment, as well as those establishing a new venture as part of a larger organisation.
- Implement financial strategy
- Monitor financial performanc
- Review financial performance
Upon successful completion of this unit, you will implement a financial strategy for at least one business or new business venture according to business plan and goals.
In the course of the above, you must:
- Adhere to legal requirements
- Produce financial projections, including cash flow estimates
- Develop a plan to negotiate and manage business assets and financial capital
- Define strategies for debt collection and contingencies for debtors
- Manage cash flow
- Define key indicators for financial performance
- Communicate with required people
- Seek specialist services, where required
- Monitor the financial performance of the business and make changes to strategy as required
- Identify opportunities to implement new and emerging digital technologies to support the financial management of the business.
Nominal hours = 60