For any business to be successful, its finances require to be in place. To ensure that; the business owners and managers need to develop basic skills in financial management. Finance is, after all, the most important resource for any business or organization and proper planning of finances is mandatory for its prosperity. This is where finance management comes in. It deals with the concept of time, money and risk and how they are interrelated as well as budgeting and expenditure.

The objectives of financial management are:

Profit maximization: The main objective is to earn maximum profits for the company, both in the short-term and the long-term. This can be ensured by taking proper financial decisions and making wise use of the finances of the company.

Maximizing wealth: It is about earning the maximum wealth for shareholders. Finance management tells you ways to increase the market value of shares so that you can give maximum dividend to shareholders. The market value of shares depends on the performance of the company.

Estimation of financial requirements: Proper estimation of financial requirements is necessary for proper management. One must be aware of the financial requirements of the company by taking into account factors like:

-Technology used by company
-Number of employees employed
-Scale of operations
-Legal requirements, etc.

Proper mobilization: Mobilization of finance is important. The sources of finance must be decided upon, post estimating the financial requirements. It can be from shares, debentures, bank loans, etc. A healthy balance must be kept between owned and borrowed finance.

Proper utilization of finance: Optimum utilization of finance must be the goal so that the result is profitable. Loss must be avoided at all costs.

Proper cash flow: A company must have a proper cash flow for regular expenses such as purchase of raw materials, payment of salaries, electricity bills, etc. With good cash flow, a company can take advantage of opportunities such as getting cash discounts on purchases, large-scale purchasing, and giving credit to customers, etc.

Survival of company: Financial management throws light on ways a company can resort to, to survive in this competitive business world. One must be very careful while making financial decisions. One wrong decision can cost a company its very life.

Creating reserves: A company must keep a part of its profit as reserves so that it can fall back on it in hard times. Reserves can also be used for future growth and expansion.

A business management course is a must for those keen on learning the basics of finances. Financial Management courses are offered at many B-schools across India. But, if it is a professional course you are interested in for an edge over the rest, look no further than WLCI with campuses across the country.
At WLCI, the programme has been developed in consultation with experts in the field of finance who has tailored the content to meet the requirements of the industry. They know best what is most sought after. The aim of the programme is to create competent professionals who would be hands-on, and will be able to contribute to their organization right from the first day.

The course focuses on the following areas:

Accounting and Transaction Processing
Taxation and Statutory Compliance
Audit
Treasury
MIS & Budgetary Control
Project Financing & Contract Management
Financial Services.
To know more, please check http://www.wlcibusiness.in