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What Project Success Entails Sampled Summary Apus History Essay Help

Entrepreneurs are aware that project success entails completing the project on time, on budget and within the planned scope. This research paper focuses on how financial management plays a part in business success by ensuring that projects are completed on budget and that the appropriate amount of funds are always available. Success in project management requires the support of business executives who are responsible for effective leadership in a firm. The paper will also highlight why business stakeholders are concerned with having financial management tools in the organization.

The finance manager is responsible for having the business finances are in order. This involves proper use of accounting and estimation policies. The budgeting of the firm is done by financial managers to ensure that all future needs of the business are planned for. The finance manager is a leader in business and should understand the position of stakeholders in a project and their interest in the activities that need and return funds in a business. He should cooperate with other financial consultants to ensure that the best financial decisions are made for the firm.

 

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Purpose of the Study

The purpose of this study is to elucidate the importance of financial management in firms and to show how it affects entrepreneurship. The paper will also look at the current trends in financial management that entrepreneurs are adopting in their organizations to ensure that their firms remain financially stable. The paper will also investigate the operations and areas of a business that are affected by financial management. Financial management is at the heart of successful business ventures, and this paper aims to find out why it has become an essential component of business stability.

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Problem Statement

Most companies experience negative cash flows and losses in the startup period of the business lifecycle. Financial management is essential to the startup period of business. Entrepreneurs’ must conduct a financial plan in the early stages of business if their business ideas are to achieve their real potential and see the company survives. Managers are required to ensure that the firm has enough cash in hand to cater for suppliers payments, to pay employees even though the cash inflow will be smaller compared to the cash outflow. Therefore, business owners are required to carry out financial projections for the negative cash flows to make decisions on the amount of capital needed to finance the business until it starts to generate enough cash flows and become profitable.

As the business grows, more funds are required to finance its growth. In the growth stage, entrepreneurs need proper financial management to plan and budget for the financial needs of the business. Financial managers must decide whether to fund the business expansion using internal or external funds. Financial management entails locating the best source of funds at no or a minimal cost of capital. The cost of capital needs to be controlled to ensure that the statement of financial position is not highly leveraged with debt.

Firms are getting in debt and are facing difficulties in paying their bills. This is subsequently leading to business shut down either in the early stages or the growth and maturity stage. Financial management is providing a solution to debt problems as businesses can plan with the cash they have instead of operating beyond their means. Debts are as a result of higher expenditure, and financial management makes sure that the amount of funds spent is justified by the revenue expectation from the items purchased.

 

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The rationale of the Problem Statement

Organizations are required to implement solid financial management procedures so that they remain profitable and have successful projects. To manage undesirable expenses, entrepreneurs adopt techniques and tools provided by financial management. Additionally, if a business has effective budget requirements and estimates it will evade and manage any financial obstacles that may pose a risk to the firm’s operations. Financial management ensures that cost control tools manage the expenses incurred in business plans.

Healthy companies’ have extra attention in the financial management processes they implement and this is not by coincidence. Modern enterprises are facing stiff competition, and the businesses that can have a competitive advantage are those that have an accurate planning process that involves cost estimation, cost control, and cost budgeting. Firms that are surviving in a competitive environment have made it a necessity to follow all the financial policies, tools and techniques available.

Companies and the projects implemented fail because of various reasons. Poor financial management has become a major cause of business and project failure because entrepreneurs are failing to make proper estimates or not estimating at all. Entrepreneurs are also using ineffective planning at the time, budget and scope of the business. When organizations have well organized and useful planning estimates, and they also use the fundamental financial principles they can achieve the set financial project goals.

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Hypothesis

Financial management has become an essential factor for business shareholders and managers since it influences business success. This study provides the areas that have been affected by financial management and how financial management has become an integral part of business success. Lack of financial management in the operations of the firm leads to business failure, and negative cash flows whereas implementing the right finance management tools and procedures will ensure that a firm remains competitive and attain the set project goals. This paper will look at why financial management has become a concern for every modern entrepreneur.