I need discussion done for wk 10 and a response to 2 classmates for my Finanical Managament 1

JWI 530

The Mary Story

Week Ten

 

WEEK 10: THE PAYOFF

When we first met Mary, she had recently been promoted to general manager of the Perfume Division, and it was during this time that she started working with Andrea, the Company’s CFO. For the past 9 weeks, we’ve chronicled Mary’s exciting journey of twists and turns in her colorful and confident ascent to the upper ranks of her organization. For our “wrap-up” week, let’s go forward in time and see how things have been going with Mary.

It had been a challenging but rewarding two years for Mary as leader of the Perfume Division. As she sat at her desk and reflected on all that she had done, she reached for the latest financial reports. Her perfume division’s performance was strong and stable in all aspects, and the sales and performance reports for her division were consistently the best in the Company.

Yes, she had to make tough choices at times and her teams had worked very hard. By utilizing various financial reports and analysis techniques, Mary had navigated some turbulent waters - and her vision had paid off! Senior Management and the shareholders were happier, and so was her team. Her staff appreciated the calculated, logical methods she was employing, as well as the way that decisions were made and performance was measured.

Everyone in the organization - from her leadership team to the workers on the assembly line - got a copy of the P&L each quarter. This helped each individual contributor understand how their unique efforts tied in with long-range corporate goals and the overarching vision of the CEO and the Board. This greater degree of understanding among all levels of the staff led to more clarity, transparency and passion in the workplace. A strong, “financial” mindset and culture was firmly in place by this point. It was a mindset that sought to track down and eliminate every wasted penny; where

 

decision makers treated “company money” as if it were their own, and rarely put forth financially unsound expenditure requests.

Mary knew that she would never be an accountant, but by this point she had attained a level of financial acumen that helped her not only be a better leader, but a better manager as well. Business is a game, and now Mary could speak the language. She had the confidence that she would be a winning manager, and her performance backed up her confidence. Just as Mary finished thumbing through the reports, her phone rang. It was Jack, the CEO, calling…

With a healthy dose of enthusiasm, Jack explained that the company’s COO was planning to retire in a few months. Based on Mary’s performance over the prior two years, Jack decided to offer Mary the position. He knew she had the potential to continue leading with intelligence and integrity. And - you guessed it - Mary gladly accepted the position!

CONCLUSION:

We thank you for accompanying Mary and her team on this exciting journey of fact finding, cost cutting and corporate leadership development.

In closing, we challenge you to put some of the tools and strategies that Mary employed to work in your organization! No matter where you are in your career, you will benefit from taking the time to listen to the “story” that the numbers are telling you - and then applying some of the financial wisdom you picked up from this course.

Good luck in all you do!