Key financial statements
Your company is preparing a plan to increase profits by 10 per cent next year. What do all managers need to understand before they can start to contribute to the plan?
All managers with collective responsibility for preparing and then implementing the plan need to understand:
♦ What is meant by the term ‘profit’
♦ How they are expected to contribute to the financial plan
♦ How their own actions will impact upon the financial measures
♦ The way in which changes in the business environment, for example, a downturn in the economy will impact upon the actions necessary to achieve the financial plan.
A company without ...
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