Financial management for SMEs
Financial management for SMEs is a comprehensive multidisciplinary program, designed to unify and systematize knowledge and tools in one place, to successfully manage finance. The basic idea of the program is to put the company's finances in a broader context, the context of managing the entire business, and to show that financial indicators can become an important contributor to successful business management. Also, this program deals with the issues of accessibility and actual use of financial products and services through increasing transparency and communication between the financial sectors (banks) and small and medium enterprises.
This program incorporates two dimensions of financial management: the first one, which includes different knowledge and competencies in order to responsibly and comprehensively approach business requirements (business model, accounting, controlling, corporate finances); the second one, which represents the goal pursued in business - expressed through three main indicators: Revenue, ROA and ROE, and their sub-goals and tasks: profitability, liquidity, stability, efficiency.
The program for Financial management for small and medium-sized enterprises is intended for owners, managers, as well as all employees involved in the process of making financial and strategic decisions. It is also intended for employees in the banking sector, because this knowledge is the basis of a good and quality relationship between the economy and banks.
The program is characterized by a large number of live examples and experiences from practice, as well as a wide range of tools and practical advice, whose application is extremely simple and easy to adopt.
- Module 1 - Business model
- Module 2 - Introduction to financial management
- Module 3 - Financial Accounting
- Module 4 - Controlling
- Module 5 - Corporate finances
- MODULE 1 – BUSINESS MODEL
- Business model elements
- Business model in a business model
- The same business through different business models
- Value proposition canvas
- Dynamic aspect of the business model
- Business model and / or Financal model
- Corporate governance
- MODULE 2 – INTRODUCTION TO FINANCIAL MANAGEMENT
- What does it mean to manage finances?
- Basic financial reports and their analysis
- Financial model sustainability
- MODULE 3 – FINANCIAL ACCOUNTING
- Regulatory framework in Republic of Serbia
- IFRSI za SMEs
- Rule book for micro and other legal entities
- Financial reports
- Evaluation of elements of financial statements
- Preparation of annual financial statements
- Internal system of procedures and policies
- Internal organization and process
- Taxes and Tax system in Republic of Serbia
- MODULE 4 – CONTROLLING
- Profitabilitz of a company from the angle of management accounting
- Contribution result
- Profit centres and their profitability
- Breakpoint analysis
- Accounting decision-making and relevant costs
- Budgeting fundamentals
- MODULE 5 – CORPORATE FINANCES
- Working capital management
- Planning and analysis of investments
- Credit risk management
- Financial debt structuring
- Cash flow projections
- Evaluation of company value
Basic methodological principles
What distinguishes our training programs, both in relation to open training and in relation to competition, is that the theoretical knowledge and modules are applied on concrete cases and examples from business practice. The combination of various interactive methods has proven to be the path for the fastest acquisition of knowledge and experiences.
The methodology we will use for this in-house training:
1. Interactive lecture and discussion - This method is based on the presentation of working material and active communication between participants and lecturers. The lecturer brings new techniques, through his experience, aimed at achieving productivity and efficiency. Presentation is performed with constant interactivity which is one of the basic conditions for adequate training. Participants have at their disposal a large number of real business situations, through which the problems and offered solutions are best understood and remembered.
2. Questions and Answers about Specific Business Situations - Participants have the opportunity to present their business problems and questions that are then analyzed throught the joint work and simulation of the problematic situations. By occupying different roles, or identification with other people from the group, participants are given an opportunity to look at situations from different angles, to better understand them, and thus be prepared to offer new constructive solutions.
3. Examples from practice - The work is based on learning through a variety of case-by-case situations. This method provides advanced knowledge application through concrete examples from the working environment. An active and dynamic work is expected from the participants, the trainer plays the role of facilitator, with the aim to enable the participants to apply practical knowledge and skills.
4. Discussion and brainstorming - Through discussion and brainstorming, we want to achieve the fastest integration of theory and practice, since it is much easier to understand and apply concepts through constructive discussion. In an open discussion, it often happens that new ideas about the possibility of improving certain situations are born, which adds value to the institution, and employees gain the impression that they have improved their business, which positively influences the motivation.
5. Practices - Practical use and practice of certain techniques increases the training value, so this technique used in a great measure during training.
To whome this program is intended ?
- Company owners
- Financial directors and managers
- Managers of SMEs
- Employees in the banking sector
In the period from December 2015 to February 2016, we have organized this educational program for 20 participants - owners and financial directors, who have completed the Financial management for SMEs program, in the mentioned period. The program was evaluated by the participants as extremely beneficial and successful, and the success is confirmed by the fact that in 2016. we continued to cooperate with them in the field of education.
In September of 2016, we started a six-day program Financial Management for SMEs for representatives of companies from Čačak, Republic of Serbia. The program was held in the Regional Center of Čačak.
In February of 2017, the program has also been realized in Belgrade, where the participants were both from the economy and the banking sector. Practice has shown that the combined presence of different segments (participants from the economy and participants from the banking sectors) creates the additional value of the training itself.