When you are promoted to being a manager, you should be aware of how your workforce operates. A managerial role is different from a supervisory position on many accounts. For example, the number of people which you were in charge of as a supervisor was probably only a couple of dozen. A supervisor is also normally expected to discipline employees for minor grievances. A manager is expected to oversee and be involved in the decision making process which will affect potentially hundreds or even thousands of employees.
Unlike a supervisor, a manager might not always be based closed to the area that the staff under them work in. You could even be
managing remote staff. As a manager could be in charge of several areas of a company, and even if not, will be interacting with other areas of the company, every effort should be made so that they know how to complete a variety of tasks. And probably the most important discipline that a manager must know about is finance.
Knowing how finance works will benefit a company because a manager will be fully aware of how this important cog in what might be a very big engine works. Incidentally, a manager should also be aware of HR protocols as well. HR management can be applied when completing a variety of duties. For example, HR can help managers to discipline staff who have broken codes of conduct. HR can also assist with hiring staff as well, especially when a job description is being written. However, if a manager does not know how to complete a wide range of finance and HR tasks, training can overcome this problem.
As a sales manager, you could be sitting in on a management meeting discussing upcoming budgets. If a finance manager is producing some basic information form an accounting side to explain possible constraints, would it not be useful to understand just the fundamentals of terms that he is using? You do not have to know what all appears on a balance sheet, but it would help to know what a balance sheet is, so that you are aware of what he is talking about.
Here at ZandaX, we have a great course which can help managers to improve their ability and knowledge in completing finance tasks. Do you believe that when a manager is knowledgeable in areas outside of their specialization, they can improve their performance? We do! So our
Finance for non-Finance managers course is definitely worth a look.
The fundamental reason this course exists is to give managers a good understanding of the financial aspects that relate to their own department, and how that will affect them, particularly in interdepartmental meetings. Would these skills not assist you in performing your management role better?
