Wednesday, December 27, 2023

The Finance Hierarchy of Needs

 



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The Finance Hierarchy of Needs is adapted from the famous Pyramid of Maslov.

Applied to finance it means to satisfy the basic activities first.
Then move up the ladder toward value-added work.

If you want to talk about your 2024 objectives with your team, this is a great visual to start with!

1. Accurate & Timely Reporting
- Maintain rigorous data integrity.
- Streamline report generation processes.
- Meet all reporting deadlines.

2. Compliance & Control
- Implement strong internal control frameworks.
- Regularly audit financial transactions.
- Adhere to relevant financial regulations.

3. Cost Management & Efficiency
- Optimize operational costs.
- Implement efficient financial processes.
- Regularly review and refine budget allocations.

4. Strategic Planning & Analysis
- Develop comprehensive financial forecasts.
- Advise on investment and funding opportunities.
- Align financial strategies with corporate goals.

5. Value Creation & Innovation
- Identify and implement innovative financial solutions.
- Optimize investment portfolios for value addition.
- Proactively contribute to strategic financial decisions.

👉 Where are you on this pyramid?

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