Financial management can help you if you have limited resources and you want to survive in business. You should have to appoint a finance manager who has good knowledge of financial management. He will make special strategy to acquire money for your business. He also establishes the co-ordination with other departments. Because if resourcing are decreasing due to decreasing of demand of our product. There may be some default in marketing department. If there is not problem of decreasing demand but due to delay of scarcity of raw material, we are not supplying our products on the demand. At that time, finance manager will establish his co-ordination with production department. He can provide special fund for buying the raw material on high cost from different supplier but taking this decision, he will estimate whether it will increase company's sale and decrease overall cost of production.
In simple words, I can say that it is duty of finance manager to know the reason of limited resources first. Only after this, he should acquire finance for solving this problem.
Related : Importance of Financial Management
In simple words, I can say that it is duty of finance manager to know the reason of limited resources first. Only after this, he should acquire finance for solving this problem.
Related : Importance of Financial Management
