The Art of Financial Management

Mr. Micawber’s famous, and oft-quoted recipe for happiness highlights the importance of strong financial management: Annual income twenty pounds, annual expenditure nineteen [pounds] nineteen [shillings] and six [pence], result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery — Charles Dickens, David Copperfield It is important for boards of non-profit and community sector organisations to focus on strong financial management. These organisations typically have external stakeholders on whom they rely for funding.

The Multiplier Effect of Better Governance

Whether your organisation is a not-for-profit, SME or a large public company, it will benefit from the multiplier effect of better governance. Getting governance right makes for a healthy, effective and responsible Board. It ensures that a clear message is delivered to all stakeholders, and that employees are engaged, which leads to higher productivity and lower employee turnover. This article will outline the attributes of good governance and how they can lead to benefits for an organisation, as well as explain how you can test your governance system.