Financial Terms Glossary

Approving a Sale

Formal

Companies have internal processes to approve financial commitments. A sponsor, typically from Operations may have an opportunity to save cost or improve service. A proposal is raised (Opex or Capex request) that explains the costs/benefits arising. The Board of the company reviews the proposal and commits to spend only when it makes economic and business sense. Remember, businesses are not uncontrolled charities - it's safe to assume that hardheaded decisions are the norm.

Informal

Confess! Have you every truly thought about what happens inside a company before it spends money? Companies are not people and it's safe to assume they operate purely for profit. Any proposal must always make economic sense. There are approval systems and sign off levels inside clients that precede placing an order. Think laterally, as if you were a Board member of the client and understand their concerns about justifying spend, not just the commission.

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