In the ten years since the first edition of this book was published events have reinforced the view that for a business to be successful its management must have a clear grasp of the essentials of financial management. Those managers who are able to express their plans and activities in financial terms, in a manner that enables them to understand the implications of those plans and events for the future financial health of the business, arc likely to have a much greater propensity for success than those who do not. Financial management must be considered as something much more than a description of the various institutions and individuals who contribute to the raising of funds for businesses. This is not to say that their role should not be considered—it is too vital to be ignored in any way—but rather that financial management has a leading part to play in the decision-making processes which determine aspects of profitability and growth.