North East Fife business owners were given a free crash course in the fundamentals of financial management by expert Stephen Westwood at the latest St Andrews Business Club seminar
Fife business owners and managers were given an insight into why ‘cash is king’ and the importance of understanding working capital as a measure of how much cash is tied up in the business at the latest St Andrews Business Club seminar on Thursday (Februray 18) night.
They received some key financial management tips courtesy of experienced financial executive Stephen Westwood, who has recently released his first e-book, entitled ‘Fundamentals of Financial Management – What You Really Need To Know’.
Westwood is not only a past president of St Andrews Business Club, but has enjoyed a long career in executive financial management roles in both plc and private companies.
He first discussed the core principles financial management, before illustrating the importance of cash with several high profile examples where it simply ran out, including Enron and the Rolls-Royce aero engine business in the 1970s.
Westwood then took the audience through an interactive financial management scenario – one part of a successful training course he’s developed – to illustrate the key points and explained the use of the Added Value Ratio as a key performance indicator to watch. This provides one simple measure to show the net impact of variation in the key business factors – sales, cost of sales and payroll costs.
The seminar was the fourth in the series which is being supported by Business Gateway Fife. The next one, on financial planning, is on March 24.