Importance of Teamwork and Financial Management in Business

Introduction to Business

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
Importance of team work for an organization.............................................................................3
2 Financial Management and its importance...............................................................................4
3 Financial reporting and important documents................................................................5
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Financial management can be understood as an important tool used by an organization to
determine the financial requirements of the business. In this report teamwork is explained and
the importance of it and how it contributes for good efficient communication in different
departments. In this report Marks and Spencer has been taken as the company whose financial
reports Balance sheet and P&L have been explained and the purpose of these financial reports
with the importance for an organization is explained.
MAIN BODY
Importance of team work for an organization.
Teamwork in management can be understood as a collaborative effort of group members
to achieve a goal or to complete the tasks in most effective manner It is ac crucial part of
business In company as it is often necessary for the colleagues in company to work together and
contribute their skills to reach the company goals.
Importance of teamwork:
 The importance of team work can be understood as it contributes to brainstorming which
is a good opportunity for the team members to exchange their ideas and enhance their
creative problem solving skills (Gonzalez and Melo, 2019). Team members are able to
create trust and commitment between them as there are open accessible lines of
communication. They are adaptive to changing conditions in organization and also
develop diversity in their capabilities.
 In a strong team, members are able to boost their creativity and confidence levels as they
get equal share of participation in all activities. The importance of teamwork can be
understood as a strong teamwork environment promotes an atmosphere of loyalty and
friendliness in employees. It motivates the employees and align them to work harder,
cooperate and effectively contribute to the production targets.
Importance in departments: There is efficient flow of communication between different
departments when the team members are accurately working with trust and proper functionality
between them.
Marketing and finance: The marketing department in company has a vital role in bringing
innovative technology in products and establishing strong marketing strategies to reach the
targeted customers. There should be proper communication of market research results involving

price, technology and other factors important for company done by the marketing department to
the finance department (Hourani, 2019). Finance department keeps a check on financial
resources of company, money used to develop the assets in company and how to maintain the
profit margins along the growth in marketplace. Proper communication in both departments of
M&S with accountable team members helps the company to foster growth.
HR and finance: The human resource department and finance department should be able to
work together by sharing the information regarding training and development of new workforce,
recruitments and selection procedures. The finance department should analyse the resources used
in various training procedures for the Human resource in company. Proper communication in
both departments of M& enhance productivity targets and performance of company.
Marketing and Human resource: The marketing and human resource departments enable
company to employee highly skilled workforce competitive to other companies. HR department
helps to research the competitive skill's workforce requires which needs to be shared with
marketing department so proper and effective marketing team can be developed. Proper
communication in both departments of M&S enhances the proper use of finance.
2 Financial Management and its importance
Financial management can be understood as planning, organizing and controlling the
financial activities such as the procurement and utilization of funds in an organization. It is
connected with analysing money procured in company and all the investment decision taken in
business of the company. The goal of financial management can be understood as creating profit
and ensuring an acceptable return on investment. Company aims to achieve through business
financial plans, setting up financial controls and financial decision-making. There three major
decisions taken in financial management.
 Investment decision-It relates to decisions made by investors or the top management with
respect to amount of investment to be deployed in the investment opportunities for the
company.
 Financing decision- The financial decisions taken by the management are related with
liabilities and stock holders' equity of the company as well as the issuance of bonds to
increase the company market share.