Business Factors

Paper Summary:

In this article, the writer examines four of the key roles of business - finance, economics, accounting and marketing/sales - in terms of the skill sets that are required in each of these disciplines. The writer then provides an analysis of how each of these skills sets can be applied to the leadership function. An analysis is also conducted of the weaknesses of each of these functional areas. To conclude, the single most important factor is identified, and an explanation given as to why this factor is more important than each of the others, on average.

Outline:
Introduction
Finance
Economics
Accounting
Marketing
Conclusion

From the Paper:

"The economic environment is an often overlooked factor in a company's fortunes. The focus is often put on the ability of the firm to adapt to the environment, which is valid, but that requires a keen understanding of the economic environment itself. To take a leadership role in an organization requires vision, and this makes forward-looking outlook of economics professionals highly valuable.
"Chief amongst the skills economics professionals bring to a leadership role is their understanding of the economic environment. Understanding the macroeconomic environment allows firms to develop a better sense of the opportunities that exist. They can understand how these factors affect their business, and predict changes to these factors. An understanding of microeconomics is valuable in developing marketing strategy, as the outlook is essentially the same, evaluating the cumulative affect of small-scale decisions."

Sample of Sources Used:

• Taub, Stephen. (2003). Now Playing: CFO as CEO. CFO.com. Retrieved July 17, 2008 from http://www.cfo.com/article.cfm/3007934
• Moffat, David. (2008). Visionaries and Enablers: CEO and CFO Leadership Styles. CEO Forum. Retrieved July 17, 2008 from http://www.ceoforum.com.au/article-detail.cfm?cid=6350
• Cooper, Tim. (2008). CFO to CEO? I Don't Think So. CIMA Insight. Retrieved July 17, 2008 from http://www1.cimaglobal.com/cps/rde/xchg/SID-0AE7C4D1-9C10C71C/live/root.xsl/Insight054220_4303.htm
• Gibbons, Fred. (no date). CEO Skills Inventory. Stanford University. Retrieved July 17, 2008 from http://www.stanford.edu/class/ee353/ceo.htm
• Daniels, Joni. (2004). CEO Skills. CEO Success. Retrieved July 17, 2008 from http://www.stanford.edu/class/ee353/ceo.htm

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