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In doing business, one of the most important factors that must be considered is the best way to communicate with those with whom you do business and the public to which you sell your product. The most common way to do this is to hold meetings. Don’t take this for granted. The manner in which you conduct meetings and the purpose for which they are conducted in your business can make or break that entity.
About this Page
The prudent and responsible management of the funds of an entity is essential to the effective transformation and longevity of the organization. To manage the finances of an organization
effectively, meetings must be held as often as possible.
These are events at which the financial dynamics of your
organization are defined. Through such meetings, personnel
responsible for maintaining the financial stability
of the organization are brought together.
Who determines when Finance meeting should or should not be held and what criteria should be used to call such meetings?
Answer: The top Leaders of the organization, for example, the President, The CEO, The Board of Trustees, The Board of Director.
Conducting the finance meeting of an entity. This meeting, which can be seen as a business meetings, can be conducted anywhere that the holders of such meeting finds viable, except when such a venue is defined in the Bylaws or constitution of the entity.
Such a place may be in the business itself, a hotel, or a hall.
When meetings are high-level meeting, such as that to inform the executives of the entity, it may be held in a specialized venue. Where such is the case, consideration should always be given to:
1. Current conditions of entity’s finances. Is such a meeting necessary, that is, what is its purpose. Should meetings be kept secret or be open to the public.
2. Company Image.
3. Purpose of meeting.
4. Objectives of meeting.
5. How such would be achieved at the close of the meeting.
6. Meeting the movement of the organization.
Criteria: Meetings must always be called based on the mandate of the Church’s By Laws and Constitution.
Who should definitely attend Finance Meetings of an entity?
Answer: The Treasurer of the entity, the finance secretary, the tellers and others of importance to the finance department.
This also depends on the value of the meetings.
Benefits of an entity’s finance meetings:
It is extremely important for organizations to hold meetings on the finances of the such entities. Such meetings may be called at the discretion of the leadership of the top management of the entity.
Benefits that could be derived by holding finance meetings for organizations are:
1. They enable management get a closer picture of the financial
viability of the organization.
2. Here those who are responsible for implementing the entity’s
financial activities can be monitored on a face to face basis.
3.enable management to get first-hand report and insight through
discussions with those in charge of finance on the relationship
between the funds that are collected for the organization and
funds spent – inflow versus outflow of funds. By having access to
these elements, it becomes possible to determine the adequacy or
inadequacy of the flow and distribution of the funds that are
acquired by the entity. It also become possible for management of
the organization to monitor elements that may cause problems with
the flow of funds and keep an eye out for ways by which negative
flows could be remedied. Finance meetings also enable
management to monitor the extent to which the organization is
keeping in line with budgets that was presented to operate the
entity, especially with respect to adequacy.
Holding Finance meetings
Finance meetings should always be planned ahead of time, except in emergency.
Effecting Finance Meeting:
The need for meeting to be held must be clearly defined, and may be based on:
A. Pre-set conditions.
B. Emergency conditions.
C. Immediate environmental conditions.
The following steps may be used to implement an entity’s finance meeting:
Step #1. Finance Secretary should consult the By Laws of the entity for method by which meeting should be held.
A. Always diagnose the basis for meeting and design program or subject to be discussed.
B. Make up agenda for meeting. Management does this. For management is aware of what it wants to discuss.
Step #2. Select the venue where meeting will be held. Set advance time frame and date for holding meetings.
Step #3. A. Give appropriate notice to all who should attend.
B. Make follow up call one week before meeting date to expected participants.
Assign people to the following tasks:
Snacks: Check out beforehand, the cost for coffee or breakfast, space, rental, equipments that are needed, and assign someone to be in charge of that.
Scouting out place for appropriateness to the occasion. and the selection of the venue beforehand.
Implementation of Finance Meetings
The following steps may be used to implement your Church Finance meetings:
Step 1. The person in charge, not necessarily the Chairperson of the meeting, calls the meeting to order and introduces the Chairperson.
Step 2. The Chairperson is introduced; he gives a very brief overview of contents of meeting. Remember this should pertain to topics to be discussed.
Step 3. Chairperson takes over and comments on participants and rules of meeting setting all parameters., for example, the length of time that each speaker should speak
Step 4. Prayer is called for and completed.
Step 5. Minutes of last meeting is called for and read.
Step 6. Speakers are introduced, first #1, when finished speaker # 2
1. Chairman calls second phase of meeting to order.
2. Speaker or speakers are introduced.
3. Question time.
4. Meeting summary done by chairman, who also closes meeting.
5. Meeting is closed.
6. Reports of meeting, including acts taken, must be prepared after meeting– Prepare Reports.
7. Inform – Board members of meeting and set time for meeting with that body.
8. Submit report to authorities.
9. All activities must be signed off by a second person to prevent collusion.
James Management Consulting, Inc. is a business consulting and accounting firm.
We do NOT provide legal advice. For a list of the business services we offer, CLICK HERE.