1 day workshop
INTRODUCTION
You need to have the financial management skills to problem solving. This course will help to provide you with an environment that stimulates proactive behavior in order to achieve greater goals for yourselves and your organization. By creating financial value for your organization, you will be amazed at the speed of career advancement. Real-current financial issues & cases will be analyzed and scenario solutions will be provided under the guidance of Dr. Steven Liew.
Course Objectives
By the end of this course you will be able to:
Learnt from Lean Finance Success Story
Redefining the Role for Finance Managers and CFO
Applying cost reduction strategies for organization success
Applying Risk Modelling Skill in resolving company’s issues
METHODOLOGY
Case Study & Group Discussion. Real-current financial issues & cases will be analyzed and scenario solutions will be discussed within the workshop.
WHO SHOULD ATTEND
Accountants, CFO, CEO, Business Managers, Finance Managers, Supervisors, Managers and All Professionals Who Are Interested in Managing Lean Financing Special Feature: NOTE: Please bring laptop along
PROGRAMME OUTLINE
Module 1: Lean Finance Success Story
How to target saving for your organization
Module 2: Managing Material Costs
Procurement/Purchasing: (e-sourcing intelligence; negotiation skills, leverage with suppliers, etc)
Inventory (eg. material planning, Holding costs, Storage cost, Obsolete stock)
Design errors (eg. Wrong Information, Lack of communication, Lack of skills, etc)
Technical errors (eg, Lack of skills, Current Plant & Machinery unable to support etc.)
Reject output (eg, Human error, Noncompliance to production procedures, Poor/Substandard raw material, etc)
Module 3: Managing Labor Costs
Inefficient Work Processes (egg, Vague job responsibility, Poor production planning, etc)
Absenteeism (eg, Lack of commitment, Lack of supervision, etc)
Staff quality (eg, Insufficient trainings, Lack of integrity, etc)
Manpower management (eg, Lack recruitment policy, Lack of empowerment, etc.)
Staff turnover (eg, Lack of motivation- fringe benefits not attractive, Dislike the job function)
Complex process (eg, Job done manually, Complex work flow, etc)
Module 4: Managing Overhead Costs
Assets Management (eg, Under-utilization of assets, Idle/excessive assets, etc)
Customers (eg, Overdue account, Higher debts collection expenses, etc)
Financial resources (eg, High financing cost, sole financing source, etc)
Human resources (eg, Excessive training programmers, Excessive of overtime claims, etc)
Expenditures (eg, High utilities of telephone, fax, electricity; High rental cost, etc)
Module 5: Case Study (Turn-around the Company)
Asset conversion (conversion of assets to cash or profit)
Collection (Focus on collection & debt recovery)
Cost reduction (review all aspects of costs drivers)
Revenues (review all aspect of revenue drivers)
Purchasing policy (focus on top 5 key suppliers; focus on fast moving items, etc)
Module 6: Risk Modelling Skill (Exercises)
Analyzing the potential risks facing an organization
Mitigating controls
Weight the financial impact
Cost/benefit decision analysis
Risk Model software