HR Professional - October/November 2008 - (Page 44)

H R 101 $ Build a business case A business case is a request for money. Employees need resources in order to accomplish their goals but the process of obtaining these resources can often be a long and arduous one. Most organizations ask employees to put together a formal business case, ranging from a few pages to several hundred, to request funds. The company then evaluates all the requests to determine which projects it should invest in. The most solid business cases are usually the most successful. Generally, if an employee can prove that their project is beneﬁcial to the ﬁnancial success of the company, there is a greater likelihood their project will be accepted. Most senior executives have a portion of their compensation tied to ﬁnancial performance. If you understand the ﬁnancial picture of the organization and can do something to contribute to your boss’s bonus, you’re more likely to move your career forward. We navigate barriers FIVE KEY TERMS At Sherrard Kuzz we know that even the best laid plans can sometimes hit a road block. When they do, we work with our clients to get them where they want to go. That takes much more than an understanding of labour or employment law; it takes focus, creativity and commitment. But most of all it takes an understanding of how our clients do business. It’s how we do business. Karine Benzacar, MBA, CMA, CPA is managing director of Knowledge Plus Corporation (www.knowledgeplus.ca). Main 416.603.0700 24 Hour 416.420.0738 www.sherrardkuzz.com Accruals: Revenues or expenses incurred by the business that are not yet invoiced. These transactions must be recorded in the ﬁnancials when they occur, not when the invoice is processed. EBIT (Earnings Before Interest and Tax): Since individual executives cannot inﬂuence interest or taxes, their performance is often evaluated on this measure. GAAP (Generally Accepted Accounting Principles): A set of principles or rules that govern how various business transactions should be recorded in the company’s ﬁnancial records. P&L (Proﬁt and Loss statement): A report illustrating revenues and expenses for a set period of time. ROI (Return on Investment): Net income divided by the amount of investment. For more ﬁnancial terms, visit www.HRThoughtLeader.com/ hrpmextras. O1 373442_Sherrard.indd c t o b e r / N o v e m b e r 44 2008 4/10/08 9:34:36 PM HR P R OF E S S I ON A L http://www.knowledgeplus.ca http://www.HRThoughtLeader.com/hrpmextras

Table of Contents Feed for the Digital Edition of HR Professional - October/November 2008

HR Professional - October/November 2008 Contents Editor's Letter Contributors Leadership Matters Upfront Legal Compensation Human Capital Talent Management Murphy’s Law Wise Counsel On Message HR 101 Interview with Joseph McCool Off the Shelf The Last Word

HR Professional - October/November 2008

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