Free Essay Example on Self-reflection in Financial Management

Introduction

The management course has made me learn a lot of concern teamwork. I like classes, which pose challenges to me since I tend to persevere whenever I am faced with challenging circumstances. That is why I was satisfied with this course, as I found the assessment tests and team activities stimulating, challenging, and fun. In reflective management practice, one learns to comprehend their triggers, weaknesses, and how to adopt the best skills and corrections from others (Yanow, 2009). An individual’s skills, together with their knowledge, all contribute to the management style one offers and, consequently, the team’s performance. Having self-awareness of our personality and skills helps in improving our strengths as well as tackling our flaws. Being aware of the attributes, which make us exceptional, is the initial phase in recognizing how I can improve myself to continue being the best possible version of me.

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Strengths

Before embarking on this class, I was aware that spending less and saving more is a crucial principle for succeeding financially and using it as a guide. I have realized that among the strengths I have adapted, includes regularly checking my account activities and ensuring timely payment of my credit card bills.

Further than that, I had never thought of my financial state and did not know how to review my finances. However, with the skills acquired from the class, I am now confident when it comes to making short and long-term money decisions.

Another strength I have been able to recognize from the classes is that I can be an easily approachable manager where my staff would feel motivated to work with and for me. From the tests, I can be categorized as a successful leader with a strong personality that helps me in getting along with my colleagues.

That similarly contributes to my other ability to have high adaptability levels. That is, being able to work and achieve objectives effectively and quickly (Yanow, 2009). How I approach things, mainly work today is not similar to how I used to initially.

That is because; this course has brought significant improvement in my performance. I also realized that I am a firm believer in controlling my destiny; that is, I am high on internal locus control.

Weaknesses

My biggest weakness has always been overspending on unnecessary things. On most occasions, I tend to impulse buy on anything flashy that I come across in the malls or streets. I believe the majority of individuals do the same; it is a way of life. Spending money is how humans have a comfortable life, survive, and have fun. Be it paying bills, making a deposit for a car, or buying clothes; we do it every day.

However, the problem arises on how we organize our finances and spending on only what we need and not what we want; and that happens to be my biggest weakness. Given where I might need more room for perfection, I advocate for validation of policy selection, tactics, forecasts, and goals using financial information (Raber Hedberg, 2009). Formerly, I would have projected this being among my strengths during the course work.

Nevertheless, I have come to notice a fault in this upshot. My other weakness was the inability to coach others. I think this arises from the fact that I do not particularly appreciate being ordered around and so it would become hard for me to tell people what to do.

Lessons From the Assessments

Taking the examinations and doing the self-assessments did not only help me in realizing my weaknesses and strengths, but I also got surprised that the assessments relate to my financial management and leadership skills.

The tests led me to realize and comprehend my stand, achievements, and most especially the loopholes I need to fill. I was particularly surprised to find out that I can be an entirely social and understanding leader, who associates, and quickly forms relationships with others.

Additionally, the guidance on handling my finances was also helpful. It opened my eyes to the drawbacks of credit card debts, which I did not regard initially, including the amount of interest and the extra time it would take when paying off credit if perhaps I could be regarding the minimum monthly payments (Raber Hedberg, 2009). The advice on financial savings was also quite fascinating. I realized that there are more benefits to the use of compound interests and early saving.

Applying the Information

The course assisted me in exposing my weaknesses and pinpointing my strengths. A good manager possesses good traits. Without a doubt, taking the tests has improved my self-understanding. From that, my main objective is to apply the skills by being more social and open to others.

With the information acquired through the assessments and this management class, I will be able to use the acquired skills in managing personnel more effectively and inform innovative solutions as well as organizational development.

Lastly, since I am high on internal locus control, I will be sure to use this knowledge to initiate new styles of self-control at work (Boone et al., 2000). I will also continue working in groups and bringing external help for translating the difference between inferences and facts.

Conclusion

In conclusion, this class was an innovative practice for me in terms of assessing performance and the learning point. The practical parts of the unit were quite beneficial, where one gets an opportunity to implement the acquired knowledge through self-assessments and classes. I have realized that financial management and leadership management generally, necessitates practical implementation, creativity, and collaboration.

Self-awareness is thus a crucial part of one’s career, and not assessing and reflecting on the negative and positive things in everyday undertakings personally and in the workplace, is a lethal mistake. This course has opened a path for opportunities for me, where I now clearly see that if we do not take helpful steps in the initial phases of life, it will catch up with us later on.

From now on, I will be doing more self-reflection. The knowledge acquired through this course, together with the several assessments completed, has shown me that the outcomes apply to real-life situations.

References

Boone, C., De Brabander, B., & Hellemans, J. (2000). Research note: CEO locus of control and small firm performance. Organization Studies, 21(3), 641-646.
http://homepages.se.edu/cvonbergen/files/2013/01/CEO-Locus-of-Control-and-Small-Firm-Performance.pdf

Raber Hedberg, P. (2009). Learning through reflective classroom practice: Applications to educate the reflective manager. Journal of Management Education, 33(1), 10-36.
DOI: 10.1177/1052562908316714

Yanow, D. (2009). Ways of knowing: passionate humility and reflective practice in research and management. The American Review of Public Administration, 39(6), 579-601.
https://doi.org/10.1177/0275074009340049.