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Role of Financial Management in Promoting Sustainable Business Practice and Development

Abstract

This report is based on the research and findings that are related to the financial sustainability practices by the institutes and organizations in the countries, however, in this global world companies are promoting sustainable finance so that there could be long-term success and benefits for the future generation. The paper focuses on the introduction and concepts related to the sustainable financial management as well as the sustainable financial growth. Moreover, there is the discussion regarding the financial sustainability issues with the focus on the aspects of key value drivers, capital budgeting, profitability, investment returns etc.

Regarding the findings of this research, it is known that corporate sustainability practices for the benefits and advantages of the new products and to provide and get benefit from stakeholders. Moreover, there is the discussion on the financial sustainability risks and opportunities, and then there is the analysis of the different financial system in the western financing model and Islamic financing. It is known that every country is focused on the efficient financial sustainability practices so that there could be advancement in the economic and social world.

“Explore the role of financial management in promoting sustainable business practices and development (Overall grade)”

Introduction

Financial management is a key factor for business development. Process of dealing with money or investment is known as financial management. Financial management is one of the goals and objectives for sustainable business practices and development. Anything that is related to the money comes under financial management either it is related to funds or accounts. Almost all the organizations have separate departments for financial management consisting upon dedicated, professional and trustworthy team because financial management is sensitive department.

Taking right decisions in financial management at right time leads the sustainable practice in business and directs it towards development. Successful enterprises make financial management their priority because they know it is a key to success. Good Financial management requires proper financial planning and adequate knowledge of finance. Planning of investment, expenditure and funds management prompt sustainable business practices and development.

Financial management consists upon different bodies i.e. governing body, board members, financial manager and assistant, and admin manager and assistant. They work as a team to develop the business and bring sustainable growth in business. Financial management is heart of sustainable business practices and development. Overall management and department of organizations are affected by financial decisions so these decisions should be made very carefully.

In order to prompt sustainable business practice and development there is a need to develop financial goals first. Financial goals need to be set for the sustainable development (Hall, Daneke, & Lenox., 2010).

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