The Importance of Finance Training Courses

Good credit control translates into smooth cash flow and financial strength for any business, which is why enrolling key personnel in finance training courses is always a good idea. Take note as well that credit control is an essential part of the entire sales process. Aside from practicing impartiality and objectivity, credit controllers can also ensure successful payment management by understanding what their part is in the sales process and what the impact of their decisions is both for the short-term and the long-term. This is especially true during difficult times, such as what the world economy is facing today.

There are several finance training courses being offered for staff of all levels of expertise, from those who are new to the job to those who already have considerable experience but still want to progress in their field. Even if you already have years of experience as a finance controller, you’ll surely find highly informative training courses that can provide you with fresh and practical solutions to the challenges you face each day. For the best results from these courses, you’d do well to take advantage of a combination of in-house and online training programs.

Basic Finance training courses

Basic courses are ideal for employees who are relatively new to the role of credit controller as well as those who’ve had no formal training in collecting money from trade customers. It can also be the perfect solution for those who are simply looking to inject some fresh ideas into the business. The primary aim of these courses is to build a credit controller’s knowledge and skills. By the end of the course, they’re expected to gain the ability to operate a complete credit and collections program confidently. The best thing is that the fresh ideas they learn from these courses are available for immediate use.

Advanced Finance training courses

There are also more advanced finance training courses designed for those who want to get a more complete picture. These courses are ideal for credit controllers and team leaders with more experience, but lack formal training and want to enhance their knowledge and gain a better understanding of the key aspects of their work. These are usually in-house training courses that last for two days and enable participants to discuss issues in detail. Furthermore, there are courses designed to introduce the basic principles of credit information to experienced credit controllers. These courses aim to equip credit controllers with basic knowledge and understanding as regards interpreting credit reports and making informed decisions on credit applications.

Telephone Techniques Finance training courses

To support your collection efforts, it’s also a good idea to enroll key personnel in telephone collection techniques seminars and workshops. This type of training programs provides an excellent opportunity for credit controllers to develop and enhance their communication, questioning, negotiating, and influencing skills. In fact, these workshops can have the greatest impact on the cash flow of your business as well as on overdue debt as measured by the usual parameters of Aged Debt and Days Sales Outstanding (DSO). What’s most important is that you choose the right finance training courses for your staff.

7 Types of Personal Development Training Courses That Can Change Your Life

People often throw the word ‘personal development’ around without bothering to explain what it is. Personal development is the process of self-grooming to create a better persona and enhanced determination in life.

It is an umbrella-term for several specific courses that help people in reaching a state of self-actualization. Here are 7 types of personal development training courses that can significantly impact your life:

Advanced communication skill

Good communication is among the top skill priorities. Not only does it polish one’s professional life, but it also benefits personal life in many ways.

The learning outcomes of taking this course are:

  • Building of a rapport over communication quickly.
  • Learning how to be assertive without being aggressive.
  • Developing personal presence and impact.
  • Employing advanced communication skill techniques in regular conversation.

Decision making

Decision making is a critical tool to have for any aspiring business leader. When in a position of importance, a split-second decision can have tremendous consequence. Attaining the skill of making quick decisions that work in the decision-maker’s favour can go a long way in helping achieve targets and goals.

The learning outcomes of taking this course are:

  • Understanding conscious, intuitive and even unconscious decision-making.
  • Recognising the ability to make informed decisions.
  • Ability to generate alternate solutions to problems.
  • Understand and control the role of emotion in making a decision.

Interpersonal skill

In today’s goal-oriented world, people often forget to give importance to the other person’s feelings and perspective. Interpersonal skills can generate empathy in a person and allow him/her to interact with the other person by gauging them from their emotional point of view.

The learning outcomes of taking this course are:

  • Building a rapport on the basis of level of empathy.
  • Acquire skills to form relationships on a one to one basis.
  • Understand how values and ethics drive corporate social responsibility.

Creative thinking

Creativity is a skill that tends to go in a hibernating mode under the stigma of daily stress and strain. However, creative thinking, when properly tapped into, can open up a reservoir of resources. Creativity allows a person to make decisions that are off the beaten path and harness their innovative ability.

The learning outcomes of taking this course are:

  • Coming up with creative solutions for problems.
  • Displaying an understanding of the potential of an idea.
  • Learning to see an innovative idea to its successful completion.

Self-expression

Self-expression is the ability of selecting and regulating emotions to enhance a person’s authentic leadership styles. The purpose is to express oneself ‘clearly’ and ‘effectively’.

The learning outcomes of taking this course are:

  • Identify emotions arising from change and design ways to tackle them effectively.
  • Understand how emotions drive behaviour.
  • Applying communication skills with emotional independence.

Team building

Being able to build a team is one of the most important facets of being in a leadership role. A leader’s job is not just to further his or her individual goals but to further the collective goals of the organisation. To do that, one needs to be able to foster the right spirit within the group.

The learning outcomes of this course are:

  • Chalk out the team strengths and weaknesses.
  • Ability to work on the team weaknesses.
  • Developing strong and well defined team roles.
  • Demonstrate an improved level of communication with team members.
  • Build an overall cohesive team strategy.

Problem solving

Problems are a part and parcel of both professional and personal lives. The ability to identify solutions to a problem quickly and accurately is an important quality to have for a team leader, a team member or even an ordinary person living his day to day life.

The learning outcomes of this course are:

  • Come up with fast and creative solutions to problems.
  • Understanding various problem solving models.
  • The ability to gather quality information and provide alternative solutions.
  • Challenge existing patterns and models with original inputs and ideas.

These are some of the most popular and constructive personal development courses that can help individuals in their work life as well as personal life.

Statistical Process Control and Variation

Our processes produce a product or service that, hopefully, meet the needs of our customers. But the processes also produce something else: data. And statistical process control (SPC) is simply using that data (statistical) to make what we do (process) do what we want it do (control). At the heart of SPC are control charts. To effectively use SPC and control charts, you have to understand variation. In fact, all SPC training should start with the concept of variation.

Understanding Variation

Growing up, there were six children in my family. I remember we always had family dinner together. My father sat at one end of the table and my mother at the other. I sat next to my mother. As a young child, I always had to drink a glass of milk for dinner. Well, back in those days, we didn’t have the plastic cups with covers like they do now. No, my glass of milk was just a regularly sized glass.

When I was young, I would spill a glass of milk every now and then. Our table slanted toward where my mother sat. So, guess where the milk headed? Yes, right towards my mother, and she often had some choice words when this happened. After all, she had years of this happening since I was number five out of six children.

Of course, it was my fault. I just needed to be more careful. Or was that really true? This is where understanding the concept of variation is so important. Because if you understand variation, you will know that most of the problems that a company faces are not due to the people – it is due to the process – the way it was designed and managed on a day-to-day basis. In fact, as you will see below, the spilling of milk was, in all probability, not “my fault.”

Driving to Work – Common and Special Causes

Variation, when talking about SPC, comes from two sources, common and special causes. How long does it take you to drive to work? Maybe it takes you 25 minutes – some days a little more, some days a little less. As long as you are within this “normal” range, it is about what you expect. Suppose that “normal” range is 20 to 30 minutes. This “normal” variation is called common cause of variation. This type of variation is present in all processes – including your work processes. Common causes of variation are “consistent and predictable.” You don’t know how long it will take you to get to work tomorrow, but you know, as long as nothing unusual happens, it will take between 20 and 30 minutes.

Now for the unusual. Suppose you have flat tire on the way to work. How long will it take you to get to work? An hour? Two hours? This time is definitely out of the normal range of 20 to 30 minutes. This type of variation is called special cause of variation – it is not supposed to there – not part of the process. Special causes are sporadic – you don’t know when they will occur. Your processes at work have special causes of variation also – things that are not supposed to occur – that are not part of the way the process was designed or is managed on a day-to-day basis. Other possible special causes include snow and accidents.

With SPC, then, there are two types of variation – common and special. Why should you care? Because it tells you how to improve your process. If your process has a flat tire (special cause), you must find the cause of the problem and then try eliminate it from ever coming back, if possible. This is usually the responsibility of the person closest to the process. If only the natural variation (common cause) is present, you must fundamentally change the process. The key word is fundamentally — a major change in the process is required to reduce common causes of variation. And management is responsible for changing the process. So, to decrease the time it takes you to get to work, you would have to fundamentally change your process. This could include getting up earlier, moving closer to work, or changing the route you take to work.

What percent of your processes at work are due to common causes (natural variation) or to special causes (flat tires)? Dr. W. Edwards Deming estimated that 85% to 94% of the problems you face at work are to common causes. So, if you leadership blames all their problems on people – well, they are wrong at least 85% of the time!

Yes, Mom, I did spill milk. But according to the concept of variation, it was not necessarily my fault. I always wanted to move it closer to me so I could reach it, but you said to move it back because I might knock it on the floor. The glass was really big for my small hands. And then all the conversations with the 8 of us – too much to concentrate on my milk! Talking and reaching for the glass – the process was setup for spilled milk to occur!

So, when teaching SPC, always start with the concept of variation. Common and special causes of variation are the building blocks for using SPC effectively.