Tom Davis Leadership Podcast – Episode 7
Managing finance within an organization
In the seventh episode of the Tom Davis leadership podcast, your host Christine Reidhead discusses with Tom about how managers should manage finance within the organization.
Key points from the podcast episode;
- How managers should deal with finance within an organization.
- Importance of taking a finance course as a manager of an organization.
Tom says that finance is based on the inflow and outflow of money and managers, should therefore, understand the flow of funds. Tom says that a proper manager should equip him or herself with the proper tools that will gradually help to balance spending and measure the value of what is being spent.
People pay more attention to dollars than value. Tom says that you should not overspend your values over the income, but instead build effective tools by breaking it up as units and find a way of managing all that.
Managers tend to fail if they don’t pay attention fiscally. People need data in order to act, Mr. Davis indicates that you should have audits in your organization. Tom insists on having regular audits which make sure, that your organization is not operating falsely.
As the episode continues, Tom notes that the finance and IT departments, are the two most stressful areas in most organizations and they should be handled with a lot of attention. As a manager, you should not use spreadsheets to analyze data but keep in tabs with the paperwork.
He continues and says that people who want to become managers should at least take an accounting course in order to understand the financial part of the business better. It helps the person get synchronized in the financial sector of business and helps to keeping the inflow and outflow of the organization balanced.
Get to listen to the podcast episode and acquire some useful tips for dealing with finance as a manager.
