From the course: Finance Strategies for Business Leaders
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Runways and controls
From the course: Finance Strategies for Business Leaders
Runways and controls
- Leaders of a finance team need to strike a careful balance between letting their teams tackle projects and drive new initiatives, but also making sure to limit the risks in case things go awry. In the finance world, this is a balance between runways and guardrails. The runways allow people to get initiatives off the ground, while guardrails provide limits that keep the team on the straight and narrow. It's a balance of support and what auditors call controls. In smaller firms and startups, runway explicitly refers to the idea of getting a company off the ground so that it can actually survive as an entity, but in larger, more established firms, runway can have a few different meetings. It might be the budget allocated for a specific corporate initiative, like a new app, a new manufactured product, or pharmaceutical R&D, or runway could represent the authority to negotiate the terms of a major strategic initiative,…
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