The Economist - Guide to Financial Management: Understand and Improve the Bottom Line
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Managers are constantly expected to make decisions that reflect a full understanding of the financial consequences. In the absence of formal training, few people are prepared for the responsibilities of dealing with management reports, budgets, and capital proposals, and find themselves embarrassed by their lack of understanding.
This book is a practical guide to understanding and managing financial responsibilities. Each chapter examines actual tasks managers have to do, from how to assemble a budget, how to read variances on a report, to how to construct a proposal to invest in new equipment, exploring the principles that can be applied to each task, illustrating practical ways these principles are used, and providing guidance for implementation.
Guide to Financial Management will help readers understand financial jargon, financial statements, management accounts, performance measures, budgeting, costing, pricing, decision-making, and investment appraisal. This third edition has been fully revised and expanded with detailed examples from 100 leading businesses around the world.
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Copyright 2018 by the Economist Newspaper Ltd, 2008, 2013, 2018
Text Copyright John Tennent, 2008, 2013, 2018
Hachette Book Group supports the right to free expression and the value of copyright. The purpose of copyright is to encourage writers and artists to produce the creative works that enrich our culture.
The scanning, uploading, and distribution of this book without permission is a theft of the authors intellectual property. If you would like permission to use material from the book (other than for review purposes), please contact permissions@hbgusa.com. Thank you for your support of the authors rights.
PublicAffairs
Hachette Book Group
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@Public_Affairs
The Economist in Association with Profile Books Ltd. and PublicAffairs
First published in 2008, 2013, 2018 by Profile Books Ltd. in Great Britain.
Second US Edition: August 2018
Published in 2018 by PublicAffairs, an imprint of Perseus Books, LLC, a subsidiary of Hachette Book Group, Inc. The PublicAffairs name and logo is a trademark of the Hachette Book Group.
The greatest care has been taken in compiling this book. However, no responsibility can be accepted by the publishers or compilers for the accuracy of the information presented.
Where opinion is expressed it is that of the author and does not necessarily coincide with the editorial views of The Economist Newspaper.
While every effort has been made to contact copyright-holders of material produced or cited in this book, in the case of those it has not been possible to contact successfully, the author and publishers will be glad to make amendments in further editions.
The publisher is not responsible for websites (or their content) that are not owned by the publisher.
Library of Congress Control Number: 2018948851
ISBNs: 978-1-61039-999-9 (paperback); 978-1-5417-3010-6 (ebook)
E3-20181002-JV-PC
JOHN TENNENT is a coauthor of The Economist Guide to Business Modelling and The Economist Guide to Cash Management. He is an accountant, who for the past twenty years has been involved in training and consultancy with firms such as Unilever, BOC, BAE, Kraft, Thomson Corp, Cable & Wireless, BT, St Gobain, and EMI.
Guide to Analysing Companies
Guide to Cash Management
Guide to Commodities
Guide to Country Risk
Guide to Decision Making
Guide to Emerging Markets
Guide to Financial Markets
Guide to Intellectual Property
Guide to Investment Strategy
Guide to Management Ideas and Gurus
Guide to Managing Growth
Guide to Organisation Design
Guide to Project Management
Guide to Supply Chain Management
Numbers Guide
Style Guide
Economics: an AZ Guide
Negotiation: an AZ Guide
Pocket World in Figures
Book of Business Quotations
Book of Isms
Book of Obituaries
Brands and Branding
Business Consulting
Business Strategy
Buying Professional Services
The Chief Financial Officer
Economics
The Economist Cover Story
The Fate of the West
Frugal Innovation
Game Query
Go Figure
The Great Disruption
Growing a Business
Managing Talent
Managing Uncertainty
Marketing
Marketing for Growth
Megachangethe world in 2050
Megatechtechnology in 2050
Modern Warfare, Intelligence and Deterrence
Organisation Culture
Successful Strategy Execution
Treasure Palaces
Unhappy Union
Why Deals Fail
The World in Conflict
EFFECTIVE FINANCIAL MANAGEMENT is essential for a business to succeed; many have failed for want of it. All too often a career aspiration falters, not for lack of effort or ability in a chosen field, but for not being able to understand the financial impacts of decisions and ultimately a failure to deliver the numbers. Managers who find themselves in a senior role unable to ask questions of otherswhich might imply their own ignorancehave wished that they had got to grips with really understanding financial matters earlier in their career.
This guide to financial management is designed to take you through financial principles and illustrate their application, providing a toolkit for managing financial responsibilities. Each chapter is written from an operational perspective in establishing and running a business. Before the index is a glossary of the financial terms used in the book. There is also a list of companies used in examples. The names are those in existence at the time of writing; merger and acquisition activity will inevitably change this.
All books are not just the work of the author but the results of contributions of many others. I am grateful to clients and colleagues who provided the opportunity to explore aspects of business, complete research and develop my thinking. In particular I would like to thank my colleagues at Corporate Edge for their insights and contributions, and Mandy Aston for her work on the original script and many of the diagrams; Mike Samuel for his support and the time he dedicated to reviewing and commenting upon the first edition; Nick Insall for his review of this and the second edition; and Profile Books for the help they gave me, particularly Ed Lake, Stephen Brough, Penny Williams and Jonathan Harley.
Special thanks to my wife, Angela, and my two sons, William and George, who have supported my enthusiasm for writing, even on holidays. Also to my parents, particularly my father, a chartered accountant, who always encouraged my career, and gave me the passion and interest in business.
I would welcome feedback and can be contacted on the following e-mail address: John-Tennent@CorporateEdge.co.uk
John Tennent
February 2018
EVERY ENTREPRENEUR ASPIRES to create a successful business, and investors certainly want management to run successful businesses. So what determines whether a business is being successful? Before answering this question, it is helpful to define what a business is and the various forms it can take.
A business is a commercial operation that provides products or services with the aim of making a profit for the benefit of its owners. The significant point is for the benefit of its owners, which differentiates it from a government or not-for-profit organisation, such as a charity, where the activity is conducted for the benefit of the people it serves.
A profit is an essential element of running a successful business. It is a trading surplus whereby the revenues earned exceed the costs. This surplus belongs to the owners of the business to use as they choose: to take for themselves, to reinvest back in the business, or a mixture of the two. For a government organisation or charity, any surplus is reinvested in the activities to further benefit the people it serves.
A business can take many forms, ranging from a sole trader to a large multinational company. The principal aim of making a profit for its owners is still the same.
A person starting out and setting up a business will take all the risk and reward as the venture gets under way. As the business grows it can be advantageous to share the risk with others and separate the business activities from those of the owner by establishing a company.
A company is a legal entity in its own right that is separate from its owners. An investor is risking only the money paid for buying some shares in the company. If the company ceases trading, the shareholders (owners) are not liable to make up any shortfall between the value of the companys assets and its liabilities.
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