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10 Reasons Why Finance and Business Management are Key Ingredients to Facility Management Success

Posted on June 29, 2016 10:00 am;

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By James Watts


There are many different responsibilities that fall onto the desk of a facility manager. You’ll be required

to complete a number of different tasks – some regularly (e.g. every day) and some infrequently (e.g.

once a month).


The smooth running of the facility relies on your ability to stay organized and on-budget. You won’t be

able to do this without in-depth finance and business management skills. Here are ten reasons why

those skills are so important:


1. Organizing building maintenance

Facility managers are usually responsible for organizing the maintenance of the buildings and the

smooth-running of facility operations, therefore project management is an essential skill.


2. Working with suppliers & contractors

Managers may be tasked with liaising with contractors and suppliers, including being involved in the

ordering of supplies or equipment. An understanding of budget control and the ability to source

cost-effective products will help you succeed.


3. Team management

As a manager, it’s imperative that you manage your team effectively so that everyone has clearly

defined tasks to follow. You’ll be the person that team members come to if they have a problem,

either with their work or another employee. Negotiation and listening skills are key traits for

keeping your team happy.


4. Planning for improvements

Facility development involves scoping out potential improvement work. You’ll need to analyze the

potential gains of this, as well as the costs that would be involved in completing the work.


5. Project management

Facility management and project management go hand-in- hand. You’ll be responsible for planning,

scoping work, scheduling, evaluating and analyzing. A deep understanding of effective project

management processes will ensure you stay on track.


6. Risk assessment and workplace safety

Part of your job may involve ensuring the facilities conform to health and safety regulations. Risk

assessment is a business management skill that ensures the safety of your workforce.


7. Presentational skills

You may be required to present your research or findings to a management team or selection of

stakeholders in a meeting. Confidence and preparation will lead to a successful meeting that you’ll

all be happy with.


8. Time management

As a facilities manager, you’ll probably be in charge of planning your own daily, weekly and monthly

schedules. Ensuring all of your required tasks are completed on time can sometimes be tricky,

especially if an emergency occurs or something unexpected happens such as a prolonged power

outage as you’ll have to drop everything to solve the problem.


9. Scheduling

In addition to managing your own timetable, you’ll also need to organize the schedule of other

employees, contractors, maintenance workers, supplier deliveries and more. You’ll need to develop a

thorough system to ensure everything runs smoothly.


10. Record keeping

It’s not good enough to keep your schedules, notes and timetables in your head. Keeping detailed

records is essential, particularly for when you are away on vacation or if you get sick. A temporary

manager should be able to come in at any point and understand exactly what they need to be doing

based on your records.


If you’re looking to improve your business or finance management skills, our Facility Management

Professional (FMP) training packages are just what you need. Click here to find out how you can learn

these valuable skills whilst gaining industry recognized accreditation at the same time.

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