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budget-sec1A_6 - Financial Management and the Important...

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Financial Management and the Important Paradigms: William J. Ward, Jr., MBA 1 Financial Management and the Important Paradigms William J. Ward, Jr., MBA Johns Hopkins University 2 What Is Financial Management? ± The art of maximizing wealth or value ± Getting the most out of resources ± “No margin, no mission” 3 Quote ± “No margin, no mission!” ± Sr. Irene Krause, Daughters of Charity 4 The Element of Time Clinical Imperative Business Reality 5 Improving P&L Performance Mission Revenue (volume, price, collections) Expenses Profits Survival strategies Growth strategies Maximization and/or Optimization strategies Control strategies 6 A Strategic Perspective ± The art of maximizing wealth or value for the long term ± Getting the most out of limited resources ± Orchestrating short-, intermediate-, and long-term tactics and strategies
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Financial Management and the Important Paradigms: William J. Ward, Jr., MBA 2 7 Success Requires . . .
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