The Capability to Manage Financial Resources
The money and assets used to support a business’ operations and investments are known as its financial resources. A business can raise and use its financial resources in a variety of ways. To put it simply, financial resources are the funds that keep the business running.
To achieve its objectives, every business should have a structure or procedure in place for organizing, coordinating, managing and keeping an eye on its financial resources and operations. The term for this is “financial resource management” or simply “financial management”.
Finally, the information, attitudes, abilities and behaviours that people possess in relation to managing their financial resources and recognizing, choosing and using financial services that meet their needs are collectively referred to as their “capability to manage financial resources”. It is this capability that we will be taking a look at here.