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How are Financial Goals related to a firm's mission and objective?
A company's objectives and mission affect all departments of a company,such as marketing, technology, and HR. Objectives and missions broadly state the aim of an organization and financial goals. Since the major aim of a company is to produce quality goods it is imperative that the finances provide the necessary funds required for producing the goods and/or services. In such a case the financial goals are related to the firm's mission and objective.
The role of finance in an organization does not stop in merely supporting the production of goods. Finance is related to all other organizational functions. For example, the marketing team may need funds for promotion and it will seek the funds from the finance management.
However, in no conditions should the marketing team bypass the objectives and missions. For instance, the marketing team may get less than what is asked for the promotion of goods for adhering to the objectives and mission of the company.
Note − The financial goals of a company must be achieved following the mission and objectives of the company.
Fulfillment of the Mission while Following the Financial Goals
The ultimate fact about financial mission and objective is that they are tied with the firm's mission and objectives. A company cannot have two financial objectives or missions – one for the financial team and one for others. It is a unified approach to set the standards via objectives and missions for the entire team of the organization where the financial goal is also related.
Note − Financial goals of a company are tied up with the mission and objectives of the company.
The financial goal of an organization is to keep an eye on the finances of the company so that the resources can be handled efficiently. In case the financial goal diverges from the mission and objectives of the company,an anomaly would arise in terms of the relationship between financial goals and the mission of the company. This happens because the objectives and missions of companies are directly tied up with the financial goals.
Duties of the Financial Team
It is the duty of financial managers to keep the financial goals in sync with the mission and objectives of the company. As stated above, as there cannot be two missions of a company, the financial goals must be part of the overall objective of the organization. In fact, the financial managers work under the purview of shareholders by fulfilling the norm of following the mission and objective of the company.
Note − Finance managers must leverage on company's mission and objectives to do their duties coherently.
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