The 8 Ms in Management And Finance
Did you know that finance describes activities connected with banking, leverage or debt, credit, capital markets, money, and investments? It represents money management and is essential because it makes a company or firm work and continues. Also, it supports everything, from cost productions, capital, investments, and any other sector that needs financial backing.
Management is about dealing with or controlling something related to finance. Finance should be under control and managed well. It is where the life of corporations and industries lies. Both management and finance should work together. On the other hand, finance needs effective handling because it is a significant factor in business and this world that should be under control.
There are eight (8) Ms in management:
Men, which is the human resource. They are the manpower or the laborers - the people behind the production.
Money, which is the fund needed to run a business.
Methods which is also an important factor because it is about how thing should be done. This work is to provide plans and methods on how to process something.
Machine, concerns the equipment to be used for production.
Market, which is literally the place or platform where services and finished products are being sold. Also, it is where raw materials needed for the production can be bought from.
Moment is the time that should be efficiently managed is under. This means that there are certain deadlines about some works and also a timeline.
Media is the platform where there is a larger size of audience.
I think that the most important resource is Money. You cannot have your men working for you if you don’t have enough money to compensate them. Also, in the very first place, you cannot start a business or build a company without money to start with. Money will provide some of those resources mentioned.
Financial Management is a part of an organization that is concerned with profitability, expenses, debt and credit, and cash flow. On the other hand, the people behind this part are the financial managers. These people are in charge of financial analysis, planning, and they make policies too. Their work is to formulate a plan with the perception of how they saw the previous cash flow of the organization.
Date Published: January 26, 2022
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