Finance and business are essential for ensuring that the facility is operated in a financially responsible and sustainable manner. A facilities manager with solid finance and business skills can manage and oversee the financial management of the facility organization and manage the finances associated with contracts and procurement procedures.
Some key aspects of the finance and business competency for facilities management include:
- Managing and overseeing the financial management of the facility organization: This includes developing, recommending, managing, and overseeing the facility's budget requirements, preparing business cases, supporting documentation and financial reports, and analyzing and interpreting financial documents.
- Administering and managing the finances associated with contracts: This includes developing, managing, and monitoring contracts and resolving vendor conflicts.
- Administering procurement procedures: This includes defining, justifying, and administering procurement procedures for outsourcing products, services, contractors, designers, and whole buildings.
- Developing, recommending, and managing the facility's budget requirements: This includes expense, operational, and capital budget requirements.
- Preparing business cases, supporting documentation, and financial reports: This includes presenting financial data to stakeholders, and making recommendations for improving financial performance.
Overall, effective finance and business management is essential for a facilities manager to ensure that the facility is operated in a financially responsible and sustainable manner. Additionally, the ability to develop, manage and oversee budget requirements, contracts, and procurement procedures, as well as to present financial data and make recommendations, can help improve the facility organization's financial performance.