From the course: Finance Strategies for Business Leaders

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Set your financial team, tradeoffs, and tactics in place

Set your financial team, tradeoffs, and tactics in place

From the course: Finance Strategies for Business Leaders

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Set your financial team, tradeoffs, and tactics in place

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- Once your organization has its finance team, tactics and strategy in place, it's important to make sure that they are consistently tested over time. Business leaders across an organization need to make sure that the finance function and all of its tools are strong and that it's people have the support they need. Think about all the companies that have gone bankrupt. Almost every time it happened, because companies ran out of money, made poor financial strategic decisions, or there was mismanagement of funds. But even though this happened in the finance function, everyone that worked at Enron, Lehman Brothers, and Circuit City also lost their job. This is why things like audits, which are primarily the responsibility of the finance function, are also critical for organizations because they test the assets, transactions, and controls of an organization. Having a highly effective finance organization means you need to…

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