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What are the Four activities in the Basic Financial management?

It is the general Financial management used in business.

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1. The four basic activities, or functions, are : Planning Planning is the ongoing process of developing the business' mission and objectives and determining how they will be accomplished. Planning includes both the broadest view of the organization (its mission), and the narrowest (a specific tactic for achieving a specific objective). In many ways, planning is the hardest function of management. It requires constant attention, as conditions surrounding the business, the economy and the world at large will change. It requires input from multiple people, from leaders of the organization to individual workers, on both the administrative and artistic sides of the aisle. Most arts organizations are continually updating a variety of plans which serve the organization, including long-range and strategic plans, program plans, marketing plans and budgets. Organizing Organizing is the process of converting plans into action. Organizing can include creating a list of duties, developing deadlines and timetables for work, assigning tasks, determining and assembling the necessary resources and carrying out the plan. It is the organizing function that most people think about when they think of management. The organizing function is also where the process of supervising others and assigning authority occurs. In an arts organization, the organizing function might include such activities as hiring staff, recruiting volunteers, marketing, soliciting contributions, writing grants, and facilitating events. Leading Leading is the act of directing the behavior of all personnel to accomplish the organization's mission and goals. In order for the goals to be achieved, a shared vision and a clear understanding of everyone's role in the process must be developed. The leading function allows the person or persons in charge of the organization's mission or individual goals and objectives to inspire all personnel involved in the task to work together for the best result. We will talk more about leadership later in this module. Controlling Controlling is an aspect of management that is frequently underestimated. Like planning, it is a continual process; like organizing, it involves translation (although this time, from actions into evaluations) and like leading, it involves diplomacy. Controlling is the function of monitoring work to check progress against goals, and taking corrective action when required. Controlling may include such activities as providing updated financial reports to the Board of Directors, studying attendance figures from the last season, evaluating employees and volunteers, or distributing a satisfaction survey following a program.