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The importance of understanding Financial Management

I was talking to a client recently who said it was good that we still teach the basics of financial management. I guess it's a little like our children understanding mathematical multiplication tables. We all use and believe a calculator, but do we really all know how to do a long division sum? My guess is that we all rely on button pressing a little too much. What's vital is a real understanding of how the answer has been arrived at.

For me, children still need to learn the mechanics of maths to provide a 'sense' to working out answers. I also think it's exactly the same for automotive financial understanding. Most DMS's will churn out the answers to Key Performance Indicator questions at the press of a button. So we may know the answer, but do we all know what to do to affect that specific answer or value? Do we know what actions to take in order to improve performance? Do we know where to look to find the answer?

The trouble with financial understanding is that most inexperienced managers have no one to ask without appearing exposed and short of knowledge to senior managers.

The PEP Business School can help you. Check out the financial programme and other General Management topics, all designed to help you through the basics of improved performance. Remember also, that if you sign up to the programme you have access to me and my colleagues for email support if you have questions whilst you learn.

You'll find the PEP Business School at 

Take a look and see how we can help you to develop your knowledge  and skills

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