Financial literacy

Finance counts so facility managers must be smart when it comes to the numbers game. We all know that property and facilities costs are among the top two or three expenses for any organisation. That's why finance departments pay the facilities function so much attention. But the successful facility manager cannot afford to leave financial matters to the accountants on their own. The ability to interpret and present financial data, an understanding of the impact of the facility budget on corporate accounts and a familiarity with the language and techniques of the finance professional are all invaluable skills for a career in facilities management.

A technically excellent facilities operation with a people focussed service team establishes a solid platform for success but all businesses and operations revolve around money. How much have we got, what are we going to do with it, where can we get some more? The same questions that are asked when managing your own domestic finances are relevant at work. The language, tools and techniques used by accountants are simply addressing these fundamental management areas. Sadly many facility managers struggle in this department. This may be through ignorance, apathy, fear or simply a lack of adequate training but it is a problem that should not be left unresolved.

Most finance people would love to work with more financially literate customers and would be delighted to provide training or guidance not only in the financial basics but also in the peculiarities that inevitably exist within the accounting practices of all organisations. There are also many training providers who run "Finance for Managers" type courses although these rarely make the content directly relevant to facility managers.