10 Reasons Why Finance and Business Management are Key Ingredients to Facility Management Success
Share this article:
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.
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.