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The Close Relationship Between Financial Leadership and Financial Goal Setting of Top SMEs - Dissertation Example

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Leadership is the human trait and activity that emanate from a person in authority which enables other people to work and gain results (Rowe, 2007). …
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The Close Relationship Between Financial Leadership and Financial Goal Setting of Top SMEs
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Download file to see previous pages Generally, this requires a finance strategy (Bender & Ward, 2009) that seeks the maximisation of sales, market share, profits, earning per share, return on investment, growth, stock price and stockholders' well being (Bierman, 1999). Finance leadership is important in attaining good results for corporate entities. Financial leadership involves strategic thinking, innovation, management of business risks and change (Militello & Schwalber, 2000). Strategic thinking entails the use of structured and emergent systems to plan and attain results for the whole organisation over a long period of time. A leader has the responsibility of considering the internal organisational and external environmental factors in order to come up with a good strategy. When a strategy is in operation in an organisation, the leaders will have to identify inhibitors and other factors that can prevent them from attaining their objectives and solve them through a comprehensive risk management system. Innovation has to do with the continuous improvement of systems, processes and products of an organisation and it requires deep thinking and analysis to be attained. Financial management requires four things: Leadership, Ethics, Structures & Responsiveness (Blore et al, 2004). In other words, a financial leadership structure must be sensitive to the technical elements of leadership as well as the ethical concerns of leadership. It should also have structures of rules and regulations that would regulate activities throughout the organisation and be responsive to emergent matters and situations that would come up. The distribution of authority in organisations is done through a defined organisational structure which sets out the relationship between various units of the organisation (Stevens & Loudon, 2005). For the sake of accountability, there is the need for reporting to be done by subordinates to people in authority (Stevens & Loudon, 2005). Therefore people who have power delegated to them have the duty of reporting to their leaders at regular intervals. Some of these reports include financial reports like management financial information from lower units which culminates in the creation of income and position statements that are used by various stakeholders for decision making. Problem Statement In practical terms, there is a questions about how these necessary qualities of financial leadership relate to businesses and their goals. For instance one would wonder why some companies are growing quickly financially whilst others are folding up in the UK. It is true that the global recession is making business difficult but how come some are growing fast and some are growing slowly? It therefore suggests that some businesses are getting some principles of finance right whilst others are not. What are the structures in financial systems and structures that affect financial goals of an organisatio ...Download file to see next pagesRead More
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