You've probably taken on more responsibility in the past five years, and you aren't alone. Admins are filling more advanced roles, according to a survey of more than 3,200 International Association of Administrative Professionals (IAAP) members.
Seventy-eight percent of the admins polled said their level of authority and autonomy in decision-making responsibilities has risen.
"When executives are frequently out of the office or trying to cover multiple priorities, the administrative assistant plays a vital role by managing projects, coordinating and organizing information, and serving as a communications hub in the office," said IAAP President Jo A. Peay in releasing the survey data.
Admins are taking on more responsibility in areas such as general office management, travel- and meeting planning, and budget- and expense tracking.
In today's downsized corporate world, every decision is a financial decision. And in business, financial decisions need to be made quickly.Scoring Big Points in this Economy
Mastering Business Finance instantly gets you clued in on the financial tools that will help you succeed in your job. Get started here...
How are companies feeling about the future? A recent McKinsey survey reports executives are feeling positive about their companies’ ability to rebound: 74% of respondents say they expect companies’ profits to rise over the next 12 months.
The companies that expect profits to decline this year say they will remedy the situation by doing the following:
- 54% will seek an increase in productivity
- 29% will introduce new products or services to gain market share
- 61% will reduce operating costs
- 40% will restructure.
Tip: Play close attention to that 61% figure. Administrative professionals who can help leadership reduce operating costs by securing more advantageous service contracts, streamline a process or reduce spending, for example, will score big points.
With downsizing affecting so many businesses today, even managers who don’t work in financial departments have to consider money matters. And often there’s no time to research financial concepts and their meanings – you have to make decisions right away.
Mastering Business Finance explains expense and capital budgets, how to raise money, cash management and financial analysis, all in a way you can understand. This guide isn’t just a how-to, it’s also a why-to.
You’ll learn how to:
If you’re not familiar with business finance, you might wonder what you’ll be getting yourself into. There’s no need to worry. Mastering Business Finance explains everything in easy-to-understand language.
- Analyze financial statements
- Manage fixed assets, inventory and receivables
- Forecast your business’s cash flow for a whole year
- Prepare financial proposals for venture capitalists and banks
- Rate your loan worthiness
- Choose between a variable and fixed budget
- Troubleshoot with ratio analysis
- Reap extra profit from your budget
- Identify and distribute hidden costs
- Coordinate your business plan and budget
- Use zero-based budgeting effectively
And when necessary, it even provides you with charts and examples to increase your comprehension, as well as a glossary of terms.
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- You don't have to put up with insubordination
- Let it snow: Fed workers can forget unscheduled leave