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Implementing Strategy - Business and Accounting Strategies in Uncertain Times 2 (Virtual Classroom)

Course Details

Code:0075v
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Introduction

This virtual workshop is part of our series on Business and Accounting Strategies in Uncertain Times.  The series is made up of two Masterclasses, 1: Reshaping Strategy and 2: Implementing Strategy.  Each Masterclass is made up of component modules. You can book a full 5 session class or chose individual modules.

This online management accounting training is being delivered live in 5 individual sessions which run on consecutive days. The sessions will run each day from 13:00 – 17:00 London (UK).

You can learn more about our virtual, online courses and how they work on our course FAQ page. Or view our Virtual Classroom schedule to see what else is being delivered live in our online classrooms. If you don’t see the management accounting training topic, you are looking for, or if you would like an online classroom in another timezone, please tell us.

You need to reshape your business for the new normal. The strategy and business plan is in place, but how do you convert that into action. How do you make the changes happen that will deliver value in the new world? There’s never been more pressure on the CFO to deliver results.

Your organisation needs to deliver efficiently and effectively. You need to have control of costs, prioritise the right things and need flexibility to change tactics. As the senior finance leader, you need to be on your toes. You don’t just need to be an expert in accounting, you need to be an expert in business change too. You need to help and guide your fellow managers to spend wisely. In this 5 session course we go beyond budgeting to more effective and agile ways of managing cost.

Do you know who your most profitable customers are? Do you know the true cost of each of your products or services? Does your pricing reflect the full cost of serving the customer? What drives cost and value for money in your organisation?

This information is vital, especially as you build your strategy, but rarely available. The problem is that the information from your accounting systems is designed for external reporting and to meet tax requirements. There’s a big difference between accounting information and the true economics of the business.

We consider how to move beyond budgets to provide an agile financial management system that is focussed on delivering the business strategy. When it comes to cost management no one tool is ever right for all circumstances so we look at a variety of tools to you can use to maintain a financially efficient and effective organisation, and a guide to when it is most appropriate to use each one. We also look at what happens when a business has a challenge to make a step change in its cost base and give a range of ways the CFO can help his team to take cost out of the organisation.

The course introduces the concepts of activity-based costing for the small and medium business and then develops these in a practical workshop teaching how to build and use costing models.

Over 5 days we investigate practical ways you can implement your new strategy. We look at:

At the end of this seminar you will:

  • Have practical methods you can take back to your business
  • Be equipped to run workshops with your business to develop Zero based budgets
  • Have learned to use a variety of tools that will allow you to manage and control cost
  • Understand how to rapidly assess cost and profitability of your products services and customers
  • Be better equipped to manage business change

Learning Objectives

  • To understand how to work with your management team to develop better financial targets to measure performance
  • To understand the different tools and techniques available to you to control and remove cost from your organisation
  • To understand the practical tools and techniques that are available to help you, and to get practical hands on experience of using them in a safe environment

Who Should Attend

The course is aimed at the business finance manager. You are likely to:

  • have responsibility for developing plans and budgets and reporting business results to your management team
  • be the no 1 or no 2 in your finance team, providing financial advice and decision support to the rest of the business

Topics

  • Day 1 - ZBB
    • The concept of Zero-Based Management
    • How to take out the costs that are not in the business plan
    • Driving change through ZBB
    • Why traditional budgeting doesn’t work
    • How to build a Zero Based Budget
  • Day 2 – Taking Cost Out of the Organisation
    • Understanding what drives cost
    • Introduction to Lean & continuous improvement
    • Introducing Activity Based Management
  • Day 3 – Supplementing ZBB with ABC
    • Running a cost reduction exercise
    • Sharing services
    • Understanding the true cost of delivering products and services
    • Optimising Profit (The 80 – 20 rule)
    • The bottom 20% and what to do about
  • Day 4 - Practical workshop looking at how to build an ABC model
  • Day 5 – Managing business change
    • Introduction to change & benefits
    • Understanding the change curve
    • Importance of communication and some tools to help
    • Understanding the relationship Benefits, changes & enablers
    • Realising benefits through managing the enablers (People, processes and systems)

Teaching Method

  • Group live instruction and illustrative examples
  • Practical workshop exercises using the tools and techniques we teach to build targets and reduce cost in a fictitious business that faces many of the issues you will encounter in the real world.
  • All participants receive comprehensive electronic course notes, including presentation slides, handouts and other course materials
  • This virtual training is being delivered live and online over 5 individual sessions, each of 4 hours’ duration. They will run each day from 13:00 – 17:00 London (UK)

Instructors

The instructor for this course will be drawn from one of our core faculty of subject matter experts. Further details will be published at the earliest opportunity.

Venue

Our seminars take place in 4 star professional conference facilities, generally in city-centre hotels like the Marriott, Sheraton or Hilton brands. Detailed Joining Instructions are sent to all registered delegates by email approximately one month before the event. The Joining Instructions will confirm exact venue details and nearby (or onsite) hotel recommendations with bedroom rates where available. Coffee and lunch will be provided.

CPE/CPD Accreditation

IASeminars is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

 

Field of study: Accounting

Prerequisites

A grounding in financial management information will be useful on this course.