Navigating Financial Management Growth

9th June 2022

UKZN Extended Learning

– by Nkosingiphile Ntshangase

In the second week of June 2022, UKZN Extended Learning hosted suppliers from Spring Lights Compressed Natural Gas (SLCNG) for the first module of the Supplier Development Programme. This programme comprises two modules, Finance for Non-Financial Managers and Essentials for Business, aiming to upskill existing suppliers to SLCNG. The finance module assists delegates in gaining the skills necessary to lead a team and the knowledge to thrive in finance as a non-financial manager. Delegates will be better prepared to contribute to financial discussions in a confident manner. During this module, the topics surrounding the accounting cycle, financial statements, and financial ratios form key discussion points.

Managers need to understand that every decision they make has financial implications. The business may benefit or suffer from these decisions, so it is important to understand their financial impacts. When the responsibility of protecting the team’s interests is vested in management, even as a non-financial manager, having basic finance skills is advantageous. Managers will understand how their actions affect the company’s finances, especially when voting on decisions that have financial implications. Managing finances with a forward-looking mindset based on the understanding that value is not imminent is an important capability for managers.

To portray a clear picture of a company’s future and financial status, managers need a clear understanding of the business process. It develops them into well-rounded leaders with a progressive mindset through the knowledge gained through this programme. The second module, Essentials for Business, provides this insight.

One of the beneficiaries of this programme, Ms Lindokuhle Khumalo (Administrator, Melron Group), stated:

“I appreciate the opportunity to attend this course as I believe the company wants to groom me and want to help me grow in my role by gaining the skills from this programme. Going forward, I will now be able to analyse the financial aspects of the company.”

As a manager, knowing how your efforts impact your company’s progress is essential. By keeping track of financial statements, managers can measure impact and mitigate potential elements that would create a shortfall. Financial statements are also helpful when managing, determining and planning budgets due to the ever-changing economic landscape. Managers must understand the company’s financial health and history when putting together budgets. This approach can be made more accessible by gaining the necessary skills even if you are a non-financial manager. When managing your team, it is vital to keep the broader health of the organisation in mind.

UKZN Extended Learning can cater to niche needs as we provide in-house customised programmes for clients with our uniquely designed programmes that can apply across sectors and industries.

If you would like to enrol in the next intake of our Finance for Non-Financial Managers programme on the 21st of September 2022, please click here.

You can also contact us directly for more information about this programme:

Nokwanda Mokoena

T: +27 31 260 4665