Facilitation considerations in Financial Management Training Delivery
Financial management training must always engage participants in exercises and assignments that help to develop skills for immediate practical application.
What do you think are the key considerations that facilitators must take into account as they deliver such training. Do you agree with the statement above. What is are your views?
The term training refers to the acquisition of knowledge, skills, and competencies as a result of the teaching of vocational or practical skills and knowledge that relate to specific useful competencies.
Since training is an activity leading to skilled behaviour, it is not what you dream of doing, but it is about having the knowledge to do it and more of a vision. The best way to acquire these vision and competencies can be through hands on activities. During financial management trainings, participants will find exercises and assignments very interesting if activities are participant-centred through role-plays, model financial management scenarios and general interactivity among facilitators and participants.
During training sessions, facilitators may also consider smaller group work for participants, such sessions must be followed by group presentations. Group work will give participants the opportunity to share their experiences both in the smaller group and in the entire class. There may be various exercises to develop skills for immediate practical application but for now this is what I have to say. --Kafuiaheto 21:44, 23 February 2011 (UTC)
Dear Kauiaheto, You have raise raised important points that are cardinal to successfully delivery of training content to trainee and particularly within the financial managment senario. In any training set up, there must be a transfer of both knowledge and skills. And learning by doing provides one the most effective ways of achieving this.
As facilitators we must avoid a trainer focused approach to content delivery. In other words as little lecturing as possible. Practice on real life situation also gives participants a good challenge of finding solutions to real problems.
Have you been involved in delivering financial management training to youth entrepreneurs in you country?
Delivering financial management training to youth entrepreneurs? This is something I may not have been doing formally. Informally, I realize myself "teaching" financial management to young people I mentor. After this trainers of trainers workshop, I will fully be equipped to formalize financial management training to young people and youth entrepreneurs for that matter.--Kafuiaheto 18:32, 24 February 2011 (UTC)
Hello, am Rodgers and am late for the class, how ever I have so far gone through my fellow participants views, my views is that in most cases practicals are needed, my suggestions would be to:
- During training there is need for the trainer to form groups
- These groups become companies or enterprises with different business set ups
- then these do practical activities related to Financial management and for example, one enterprise sales furniture, one sales timber to the one selling furniture, one gives services maybe training to both and all related transactions be entered or managed practically.
- Also follow-up and Monitoring on how the youths are doing in real work that is after trainings.
Dear participants, It is indeed important that the practicality of financial management training goes beyond the class room situation. Engaging the youth in real enterprise practice even at project level is one of the best ways of facilitating long lasting learning among the youth. The United Nations Conference on Trade and Development (UNCTAD) has a very useful training package called EMPRETEC which requires participants to run and close an enteprise within the six days training period. It is most ideal for the youth wishing to start their own Businesses. The International Labour Organisation (ILO) also has a training package called Improve Your Business (IYB) which assists entrepreneurs to understand and apply the basic principles in financial management. The IYB training package has a very exciting business game which allows entrepreneurs to practice enterprise in a simulated environment. More about this during the face to face training!--nkl 10:05, 24 February 2011 (UTC)
Hi Naomi & Hi participants, My name is Susiku Nasinda. Financial management is at the heart of any successful business. It is almost impossible make it in business without establishing sound systems of Financial management. Finance involves selection and application of funding for a particular project, ie are going to use borrowed funds and at what rate of interest? or are we going to use savings? etc. Taking time to manage funds well is therefore key as it could contribute to the success or failure of a business.
Without doubt, FM training must be included in entrepreneurship training.
Naomi, am happy that this topic is brought up first online and then the most interesting one is to finish it on a face to face training. am being enriched by this discussion, as I have planned to integrate our training programmes with FM and Bookkeeping for students who just want start their own business as well as those who are already in business but do not have the required skills. thanks for sharing the packages. are the packages for free?
I am looking forward to learning more at the Face to Face Training
It is great to hear that the United Nations (UN) and International Labour Organisation (ILO) have platforms to help train the youth. I personally give a thumbs up to these international organisations. Like Shining Star said, we cannot wait to be part of the face-to-face, our appetites are very wet. --Kafuiaheto 18:48, 24 February 2011 (UTC)
Hey NAOMI, imissed the session on the UN enterprenuership yestaday, when is the next one coming. I need to participate also. Thank you
You can participate in the discussions at any time. As you are aware, the discussion on the topic financial management in SMEs will wind up by end of day today. Until then you are free to contribute to the discussion--nkl 12:33, 25 February 2011 (UTC)
Knowledge of Financial Management is very important for business success and all discussions have revealed this fact. The importance of Financial Management to the success of the youth entrepreneur should guide the facilitator in the delivery of the entrepreneurship training. Consideration in my own opinion should first be given to time allocation. The facilitator should ensure that enough time is given for the delivery of the session on Financial Management.
Also, ‘Practice makes perfect’ and so I agree that the participants will learn better when they are given opportunities for practical experience. Therefore, the need to incorporate practical lessons in training sessions should also be considered by facilitators. Field visits to established and new businesses will be of benefit to the trainees. In addition, facilitators can also introduce a role play with the active participation of the trainees, especially when it may not be possible to embark on field trips.
This session is proving to be very interesting even to participants like me who have not handled such a training before; a lot is being put in perspective.
I agree with the above statement since practical learning especially for the youth is most effective. I want to tie financial management with bookkeeping since these are twins. When the learners are lectured on how to maintain, say a cash book, it may not sink in as clearly as when a sample cash book is made and entries are made. This clears many queries that may be have been unclear since some learner may fear making mistakes on these documents and the simplest way out is usually to avoid the in toto--Marcosmburu 16:49, 24 February 2011 (UTC)
Good to know about the programme by ILO (IYB) for youth and everybody that wants to go into business as an entrepreneur. I am a trained teacher, in teaching as a profession there is what is known as teaching practice which shows the aspect of practice for perfection. However, learning is the acquisition of knowledge,skills etc, therefore engaging participants in excercise and assignment for practice into perfection in financial management training is the best. I totally agree with the concept
Thanks you for all these insightful contributions. It is my hope and expectation that we are all drawing lessons from these dicussions which we can apply or adapt for our youth entrepreneurship activities in our various countries. Note that where there is limited opportunties for formal employment, Self employment or enterprise is the only viable option for the youth to achieve financial independency from their guardians. In this context, effective financial management is a key factor towards achieving success. Now as we wind up this discussion of facilitation considerations, I refer you to yet another discussion below on the challenges the youth face in maintaining financial discipline.--nkl 10:07, 25 February 2011 (UTC)
Thanks you for all these insightful contributions. It is my hope and expectation that we are all drawing lessons from these dicussions which we can apply or adapt for our youth entrepreneurship activities in our various countries. Note that where there is limited opportunities for formal employment, Self employment or enterprise is the only viable option for the youth to achieve financial independency from their guardians. In this context, effective financial management is a key factor towards achieving success. Now as we wind up this discussion of facilitation considerations, I refer you to yet another discussion above on the challenges the youth face in maintaining financial discipline.--nkl 10:20, 25 February 2011 (UTC)
Hi All, the key considerations in financial management are: The educational level of participants, the kind of business they are engaged in, the size of their business, the age of the business. this will greatly affect the understanding of the subject.
I take this opportunity to thank you all for your contributions to the discussions on book keeping and financial management for youth entrepreneurs. I am sure that you have all enhanced your understanding of how best to deliver these topics to the youth.
I hope to met you all in Siavonga, Zambia for the Face to Face training.--nkl 15:17, 25 February 2011 (UTC)
Thank you Naomi for seeing us through this module to a successful end. Hope we shall soon meet by God's grace and mercies.
First and foremost, the ability groups of participants must be taken into account.Educational level is also another thing to continue whiles individual needs in terms of what the participants do in their businesses. --Kafuiaheto 16:19, 25 February 2011 (UTC)
Hi Everyone, Facilitators need to be aware of the differences in knowledge and exposure of young people, use practical and relevant excercises to ensure skill transfer.--Smauye 13:48, 14 April 2011 (UTC)
Like any other training, financial management training should indeed engage participants in exercises and assignments. Some of the key considerations facilitators must take into account are: the background of the partcipants, education levels, experience and even gender.
I agree perfectly with the suggestion above. Engagihg participants in exercises and assignments will help themp to develop hands-on skills for practical and immediate application. Facilitators must bear in mind that the success or otherwise of the entrepreneurship venture will largely depend on how effective they deliver the module.