Financial Management for Erste bank’s clients

Training "Innovative Business Models", held on 11 December and organized by Erste Bank and Valor Academy, was the first in a row introducing program Financial Management for clients of Erste Bank. There were 20 representatives of private sector - owners, directors, accountants and financial managers from Belgrade and other Serbian cities. Although there was different level of knowledge of financial management among participants, all of them expressed expectations to better understand the world of finance.

Aleksandar Vasilski, program trainer, presented the concept of business model seeing it as a foundation for development of every successful business. Participants were introduced to key segments of business models, such as suppliers, main products, main resources, value, relationship with customers, distribution channels, market, total operating income, total operating expenses and they learned how to develop in best way each individual segment, in other words how to create combination of different business segments in order to create a successful business model according to their needs. Participants also had the opportunity to, through practical individual work of creating business models, adopt a strategic way of thinking based on market research and monitoring of market developments. "One of the main conditions is that you know your market and long-term success is possible for those who carefully build and maintain relationships with their customers," said Vasilski.

 Training "Innovative Business Models" is the first in a series of trainings of the program "Financial Management for SMEs" designed for business sector. The program consists of 6 modules: 1) innovative business models, 2) accounting, 3) strategic financial management, 4) planning and budgeting,  5) controlling,  6) structuring debt.