THE RELEVANCE OF FINANCIAL MANAGEMENT TO BUSINESS GROWTH
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ABSTRACT
The prerequisite for this extended essay is to know the relevance of financial management to business growth in Nigeria. Financial management is relevant to business growth for a well balanced operation, as business in Nigeria are made up of small, medium and large scale enterprises need financial management to operate well. The ultimate aim of financial management is to plan and forecast the profit making and sourcing of funds for business growth.
Money is needed in financial management and used in making plan work. It serves as a measuring device that can be used in measuring the plan in terms of naira, and outsiders such as bankers and other lenders, will do the same. In starting new business or expansion, loan is required. The burden of proof in borrowing money is upon the borrower.
You have to show the banker or other lenders how the money borrowed will be used and more important how and when you will repay back the loan. The extended essay also look at budgeting, as organization, whether economic, social or political makes plan for an organization.
Without plan there is no longer an organization but an uncoordinated assortment of individuals. Some business owners/managers carry plans in their head, some make rough estimates on their business others express their plans in orderly and systematic manner.
CHAPTER ONE
1.0 INTRODUCTION
The financial function has always been important in business management. Irrespective of differences in structure, ownership and size, the financial organization of the enterprise ought to be capable of ensuring that the various finance functions: budgeting and controlling are carried out with the highest degree of efficiency. The profitability of any business depends largely upon the manner the financial functions are performed and related to other business function.
During the developing stage, financial management involves only the obtaining of funds to finance the business, overtime, financial function has increased in its scope to include not only the planning of finance, but incorporate the management and control of the available resources within the firm. This also involves the external generation, flow and uses of funds and, the study and evaluation of the capital market.
When talking of the capital market, its operations within the economy cannot be over emphasized. Thus, the demand for and supply of funds for business organizations, become a fundamental management function. Therefore, financial management play an important role both in increasing operational efficiency within the firm and allocating funds to productive or investable sector within and outside the organization.
These functions can only be achieved when there is proper planning and controlling, coordinating and other elements of management combined effectively with the finance function.
1.2 Historical Background
Jomfol Investment Company Nigeria limited was incorporated in 1989. The main business of the company as contained in the memorandum and Articles of association amongst others is to carry on business as farmers, farm developers Livestock and poultry business, fisheries hatchery, producers and process or grains and all manners of crops, manufacturer of Livestock feed and concentrates etc.
The nature of the business activities includes; – manufacture, distribution and sales of poultry feeds and poultry raw materials and other related activities.
The raw materials concerns in the providing these activities includes; maize, soya beans, Soya cake, groundnut beans, and cake, wheat brain, maize brain, sorghum, palm kernel cake, spent grain, Bone meal, Fish meal, cottonseed cake, methionine, lysine, premixes, salt etc.
Finance has a big impact on business growth, as such, balance is important. Finance is one of the most important functions of any business. Not only is finance a good indicator of the health of the company overall, but it also holds an important role in managing business growth.
Weather growth is attributable to a larger market capitalization, and increase employee, a new location, a new product or service offering, or a new demographic, finance is the enable of such opportunities. Business success is about growth.
There are still growth opportunities in emerging markets and in the changing advantage of these opportunities is a key goal of the whole management team, including most importantly the financial managers and their teams.
Almost every organization requires professional financial management, and this increasing need will prompt a steady growth in demand for financial management graduates. From Chief Financial Officer (CFO) to each controller, there are a wide range of career choices available.
Effective financial management is critical for efficient business operations, so well trained, experienced financial managers with a strong grasp of the operations of all departments within their organization are value for promotion to top management positions.
1.2 Objective of the Essay
- This essay attempts to provide an orderly framework for financial appraisal in small business management.
- It is aimed at inquiring on how Government has contributed to the progress of business activities.
- Inquire the possible causes of uncontrolled cash and management of resources, the techniques methods of evaluation and performance of financial policies, method being used in business organizations.
1.3 Statement of Problem
Financial management is a feature, which govern the whole process of organizational management. Emphasis is often on planning and control used within an organisation to strengthen area of potential weakness or to capitalize on more effective opportunity for the business. The purpose of undertaking this study is to identify the important role financial management practice can help in managing an organisation to greater height.
All organisations, be it public or private
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