Finance for non-financial managers by Sean McPheat

By Sean McPheat

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Dedicated Analytical Solutions FOSS Slangerupgade 69 3400 Hillerød Tel. 2 Target Budget This is the level of a budget that you feel is the bare minimum in order to fully support the established objectives for the coming year. You are saying with this budget that you can commit to helping achieve the stated objectives as long as you have this amount of funding. Again, you need to clearly delineate what you would be able to provide at this level. Make it realistic, achievable, and as accurate as possible because if you get the full target budget, you will be held to what you have promised.

But if your market position is that you offer luxury products, designer items, or exclusive opportunities, you will be able to charge a higher price for what you are offering. Your price needs to be consistent with however your product is ‘positioned’ in the market place. 3 Demand for the Product or Service Do you have an understanding of how your price will affect demand for your product or service? If you do any market research that involves identifying your potential customers, what are they likely to be willing to pay for your product or service over the competition’s?

For example, the computer you buy today will not be worth what you paid for it in five years. Instead, it will gradually depreciate until it either reaches the end of its life or it becomes completely useless for the operation of the business. Depreciation has to be included in financial statements as a cost in order to represent the true value of the organization’s assets. com 33 Finance for Non-financial Managers Cash Flow Statement Figure 6 demonstrates the main sources of incoming cash and the common uses for cash income.

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