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Duties of the Financial Manager in a Retail Setting
The umbrella of retailing consists of all businesses that sell goods and services as well as department and discount stores. Behind the scenes at every successful retail business in the world, a financial management plays the main functions in the business to maintain and utilize in most business efficient manner. There are many duties that the Financial Manager handle in retail setting, therefore; below will explain three of main duties of the Financial Manager in a retail setting.
- Planning and Budgeting: The Financial Manager is responsible of defining financial requirements in order to run the retail business, by implementing the necessary financial resources into commitments and determines the costing aspects; appropriate authorities will lead to forecast the estimates budget, preparing the predicted use of resources, and adjust the expenses under a control.
- Management and Control: to suburb this function, the financial manager in collaboration with the finance management controls the financial activities by complying with the rules and regulation of the financial policy and classifying the standards pertaining. By developing, applying and monitoring the resources the operation of the programs will be process smoothly in reliable with achieving the profit.
- Performance Managing: financial manager is responsible of measuring the performance of the retail business against the budget and cost, also responsible of reviewing and analyzing the retail environment and compare the performance of the business to the other retail settings in order to scope the retail activities.
The Financial Manger is a person in charge to preserve a future sight in order to ensure that the retail business is utilized in the most efficient manner, his rules activities and actions may affect the profitability, growth and good well of the business.
Word count (300)
Financial Planning & Budgeting
The main success behind any business is a smooth running of the business and expands the resources in profitable way. To exploit the business resources in a very effective successful operation; the business is to undertake a proper financial planning and budgeting process that will assist the business to outline its plans and goals.
The systematic approach of the financial planning is to design and control statements, and forecastfuture inflows and outflows of the cash and predicts revenues, costs, and expenses financialresults of the business in long and short term plans. Also it aims to a successful growth of the business and elaborates its resources on improving incomes/profit, reduce cost and increase investment returns, as well as providing the board and management with various sense of the expected income or profit potentials of different strategic plans.
Budgeting is a comprehensive projection and a clear indication for a business of what is expected to be achieved and a process of planning and controlling over a specific period and of constricting the business' assets and liabilities in very detailed balance sheet that includes capital expenditure budget and states the non-operating substances, creditor, and the amount of cash that the business grids from activities and investments.
Budgeting plays an effective efficient role of a business to achieve its goals and objectives, its allow management to communicate their goals, promote them equivalency and plan for future projects; so resources can be organized and absorbed in key areas. Budgeting allows the business to motivate its employees by involving them in the budget, provide consequential benefits to the financial dimension. Therefore; budgeting estimate the profits and monitor the financial health, and creates a blueprint for the management decision making, also; it is a flag tool of identifying problems before occurring.
Word count (300)
Commercial Manager Qualities and Skills
Being a Commercial Manager at Marks & Spencer (M&S), and taken responsibility from managing sales and costs to promote an tremendous customer service, all relies solely on desirable qualities, outstanding skills and experience, the following will discuss the five key qualities and skills that needed in developing the capabilities to run a successful store.
- Personal Characteristics: confidence, self-motivation are kinds of personal characteristics required to gain work-related, to look for self-confidence, and become optimistic for new plans by avoiding stress and fear of challenges, also is an important management quality because it means self-starter and ability to inspire self and others to etc..
2. Business Characteristics: such as delegation and organization skills. The manager should have the ability to plan, direct and adjust multiple activities to identify the needs and who will do what to success the tasks, design delegation principles that can lead to better, more successful operation of the store. Therefore; the manager should manage time and priorities, coordinating tasks for self and others, track store operation and customer requirement and organize needed assignment.
3. Communication Qualities: to promote a good working environment, and make every individual feels valued, a manager should have superb written and oral communication skills, perform strong communication qualities and abilities to stay focused, listen carefully to workers, superiors and customers, and understand their opinion and point of view.
- Team and Customer Relationship Qualities: one of the hallmarks of M&S is to build good relationships with customers and learn how to relate to things from their perspective. In inspiring interactive shopping experience. Also; being a Commercial Manager at the store brings unique rewards and challenges to the team by planning, creating and providing appropriate coaching, mentoring to ensure smooth flow of operations.
- Creativity and Innovation: the commercial Manager must have a creativity and innovation skills and personal emotional connection that are required to adopt new ideas and think laterally beside developing new concepts and apply them in the store with encouraging the store team maintain a creative environment.
In conclusion; a successful Commercial Manager is the motor of the store and in charge of facilitating positive initial engagements with the stakeholders, in achieving and exceeding key targets, create an effective working team and become their good morale booster as well, and build a strong operation to run the store efficiency and moving M&S store forward.
Word count (400)
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