Ok, here I sit in Process Management and Financial Accounting and it dawns on me that the two courses actually do have some bearing one to another. Undoubtedly, the association between the two courses is numbers and methodology. While I understand (conceptually) how to manage to a process and account for what has gone into the process, I never would have arrived at my conclusion in such a methodical way. What I know to be true is; the classes are shedding some light on reality and making sense of what I thought was nonsense. Word to the wise, if you do not have an innate sense of business genius, you had better pay attention in these classes. This may sound remedial and elementary but, if you pay attention, you will be better.
Yes, there is a bit of good old arithmetic, statistics, calculus and qualitative analysis. So you say calculus and statistics… forget it? It’s not that bad. Of course it’s not like riding a bike, it’s much more like being introduced to a foreign language that you haven’t used in a while, yet when someone greets you in that native tongue, you respond. Thus when one says ‘bonjour’, you chime in with a ‘bonjour’ and a smile…. welcome back to business.
I thought I was going to pass out when Financial Accounting was introduced, ‘who me?’… an accountant? After the third session and there are eight (two different modules), I realized and appreciated the real value in the class. I have learned cost accounting, ratios, valuations, pricing, why SOX laws, FASB rules exist and much more. I may never be an accountant (pretty sure) but I have a great understanding of the following:
What a balance worksheet should look like
I can read and interpret an income statement and cash flow statement
Intelligently read and understand an annual report
Know when numbers from any given firm are fudged (faked)
Know when to invest or divest in a company simply based on numbers or further valuations or evaluations.
Now that’s value add!
Process Management uses models based on certainty, uncertainty and other variables that impact a company’s process relative to streamlining entities, business units or enterprises. Some of what process management takes into consideration is:
Re-evaluation of productivity, gains and loses
Remove or eliminate bottlenecks in a given process stream
Re-assign people or procedure to other business units or entities as it relates to internal or external placement inside or outside the firm
Best course of action that will ultimately impact profitability at the firm
Know when to react and how to become proactive relative to process and procedure
Strategically develop a plan and get other stake holders on board with your plan
Overall, these courses have helped me understand the method behind the madness (so to speak). I have traditionally consulted my think tank and made decisions based on demographics, trends, forecasts and raw gut. Let’s be clear, I am a long way from business genius but I have been fortunate enough to be associated with some really smart people, and have come up with some really good results. Now that I know what real process management and financial accounting is; my new clients are in for a real treat and an added bonus. In fact, I am inspired to take on a new business venture involving Real Estate Development that involves over a five million dollar stake, Yes...in this ECONOMY! My groups of investors are in for a great profitable financial ride. I’ve got the knowledge, the people, the think tank, the process, the financial know how and some really smart people that make me better. Thus, I am ready to make a great financial profit and create a wealth of opportunity for others! By the way, I knew very little about Real Estate until I took on a small strategy project that involved some real estate holdings. What a challenging eye opener. My team and I formed alliances and surrounded ourselves with industry experts. One of my consultative contacts included a tax attorney and accountant in the UIUC’s EMBA class of 2012. Made a friend for life and have reaffirmed, networking is KEY to business success).
What I do know is: Business Strategy (as this is my work), Process Management and a bit about Financial Accounting (as I have just learned in the EMBA at UIUC…just enough to be a bit dangerous in the Game!
I make no apologies for my education and I would not trade a million dollars for my journey. I realize I am still a WIP (work in process). However, my journey has me on a path that is worth an infinite amount of service that will exponentially help others. The old adage holds true in that:
There is great meaning in life for those who are willing to journey. Jim England
Success is a journey, not a destination. The doing is often more important than the outcome. Arthur Ashe
The journey of a thousand miles begins with one step. Lao Tzu
Consider the journey, make it your own, be a thinker, make a contribution and eliminate status quo when change is inevitable! Me- Bridgette C.-Lewis
All the Best,