Elements and Performance Criteria
- Implement financial strategy
- Identify financial information requirements and obtain specialist services, as required, to profitably operate the business
- Produce financial budgets or projections, including cash flow estimates, as required for each forward period, and distribute to relevant people in accordance with legal requirements
- Develop a plan to negotiate and manage business capital to best enable implementation of the business plan
- Develop and maintain strategies to enable adequate financial provision for taxation in accordance with legal requirements
- Develop, monitor and maintain client credit policies, including contingencies for debtors in default, to maximise cash flow
- Select key performance indicators to enable ongoing monitoring of financial performance in line with the business plan
- Record and communicate financial procedures to relevant personnel to facilitate implementation of the business plan
- Monitor financial performance
- Use available digital technologies to regularly monitor and report on financial performance targets, and analyse data to establish extent to which the financial goals have been met
- Monitor marketing and operational strategies for their effects on the financial goals
- Calculate and evaluate financial ratios according to own or industry benchmarks
- Assess financial plan to determine whether variations or alternative plans are needed, and change as required
- Undertake research regularly to identify opportunities to implement new and emerging technologies to boost business profitability in accordance with the business plan