The global business continues to face uncertainties from the impact of trade wars to COVID-19 pandemic to geopolitical conflicts and the massive increase in financial sanctions across the world. This will undoubtedly affect many export and emerging companies as revenues may stagnate while costs of operations rise because of a shortage of materials and fuel costs. Businesses are constantly reviewing their cost structures and business prospects. Efforts are being intensified for cost savings and seeking new revenues. Managers and their executives will also need to help their employers look for opportunities to save costs if possible new revenues. This program on business costing and savings activities empowers these employees so that they can help their organizations beyond daily work duties. Among the crucial aspects to be learned is identifying opportunities for cost improvement, and the actions that can be taken to capitalize on such opportunities.

The current global economic environment is turbulent with the lingering effects of the pandemic and the ongoing Russia- Ukraine war. The rising cost of food and fuel prices worldwide are impacting consumer demand and industrial production. The currency crisis and uncertainties of trade sanctions are adding more anxiety to business executives in many places. Top priority concerns for the coming year 2023 are surviving in a cash flow crisis arising from falling sales, delayed customer payments, bad debts, and the rising cost of operations wiping out any already thinning profit margins. Cash flow is even more crucial for healthy business operations and avoiding financial stress. Managing the cash flow is the primary responsibility of the CFO — Chief Financial Officer. However, business decisions are taken and executed by all managers and the CEO. The CFO does not run the sales team, and manage the factory operations nor their costs. Managing the cash flow is a companywide issue involving the understanding and support of the managers and the management team. Poor understanding and bad business decisions cannot be cured by the CFO. Therefore members of the management team, need to be clear on what drives the cash flow condition and work in cooperation with the CFO and the CFO team, not independent of them. This program is a one-day event, to help these managers and their teams, understand the cash flow and credit control situation of the business. This is a part of the series on FINANCIAL INTELLIGENCE, by Finet Associates, to empower managers and their staff, with the capacity to understand cash flow, with essential skills to undertake actions for better quality business, lower credit risk, and secure healthy cash flow for uncertain times ahead

Financial intelligence is the individual's ability to understand actions, decisions, and events that link to the outcome of the business organisation. This includes the ability to recognize the financial impact or actions and value of things that occur daily at the factory, shop floor or corporate offices. This creates financial sensitivity and initiate business acumen in the process. It also facilitates financial communication among department managers and project  executives who will have to control expenditure, cut  wastage and increase output. Financial intelligence is not about accounting knowledge – it is being intelligent about financial numbers, especially money matters relating to personal investment or company results. Many employees do understand the present challenges of their employers and many would be glad to contribute more than just their daily tasks and roles. However, most are not " financially conscious’to be able to see opportunities and give ideas or useful suggestions. Corporations now need to engage all of their employees, more than ever, to be cost-efficient and  financially conscious about their work, activities and how they can contribute to their employers, such as cost savings, or looking for revenue opportunities. It is time to empower them so that they can add value to the employer organisation. Let us empower them with financial intelligence – so that they can also add value besides doing their jobs. But for the individual, financial intelligence is a crucial element for career growth and personal investment - it cannot be outsourced.  

The effects of the COVID-19 pandemic are still lingering with new, and yet to be discovered, variants ravaging parts of the world, even in Singapore and beyond. While this is continuing, the Russian-Ukrainian war is adding more uncertainties to the global economy with inflationary hikes in food and fuel prices, which are spilling over to other consumer and non-consumer products. Parts of Africa and Asia are bracing for bad times ahead in 2023. Other things in the daily news headlines in all media include ongoing trade wars, the US dollar crisis, and serious financial problems of global banks such as Credit Suisse, Deutsche Bank, and Wells Fargo US. Big banks like HSBC and Citi are restructuring their assets and operations worldwide to stay ahead. Businesses are under pressure from falling consumer spending, rising costs of operations, and a tighter credit squeeze in some places. During times of economic growth, bank management focuses on building assets and market share, with less attention to problem loans, because new revenues can more than offset the higher risk. In the times we are observing now, it appears only prudent to review credit risk management strategy as economies slow amidst uncertainties, and taking active steps is urgent to reduce negative consequences. Preparing for bad loans and managing them is not an option. It is a priority, and it should not wait.  

Every business organization needs financing to initiate its business and continues its growth and success. Some organizations use more capital funds of its shareholders, others work with the banks and lending institutions. Large organizations need capital and loans, and so do the thousands of small and medium-sized businesses across the country or economic region. However, loans and borrowings from banks require formal approaches, appropriate legal documentation and organized information and perhaps negotiation ability to get the best terms for business borrowings. Occasionally, the loan facilities provided may not be suitable or practical for the business. Even then sometimes, loan disbursement can be delayed for a variety of reasons. The SME businessman often has a myriad problems from making a loan request, to getting the best terms and conditions and through to delay release of loan funds, after the loan has been approved. This is despite the security and guarantees provided as demanded by the bank. This programme is jointly offered by Finet Associates and the Australia New Zealand Institute NSW and is the first part of a series to business advisors and executives to assist their clients or employers to build and manage their banker relationships, and the process of securing business financing from commercial banks. Accredited Course Facilitators - All current training facilitators possess ample financial and business qualifications as well as training experiences with various organizations such as JP Morgan, HSBC, Hong Leong Bank, UOB, and the Asian Banking School andthe Institute of Singapore Chartered Accountants.