It is the money you save that will save you.
Will Rogers says, “ the quickest way to double your money is to fold it over and put it back in your pocket”
Management of financial resources is a major concern for many managers. It is expected that managers achieve organizational goals despite a constrained budget. Organizations sometimes spend large sum of money in acquiring equipment and supplies they really don’t need – equipment are bought without an immediate need and consumables poorly selected or overstocked.
We should understand that the art is not in making money but in keeping it. And we should beware of little expenses as a small leak can sink a great ship.
When it seem like money is plentiful either from operational profits, grants or even loans, extra caution must be taken not to misuse it. Managers must save money for the “rainy days” because a time will come when money will fall below expectations. All expenses in the organization should be properly accounted for and justified.
A good manager is a cost-cutter, and not one whose costs need cutting