“No business can survive without some form of business diplomacy”. This was the submission of the Registrar/Secretary to Council, Institute of Business Diplomacy and Financial Management, IBDFM, Mr. Sukana D. Tusha.
He made the submission while fielding questions from newsmen shortly after the 47th Mandatory Continuing Professional Development Programme (MCPD), Investiture of Fellowship & Induction Ceremony held at the ICAN Lecture Théâtre, The Polytechnic Ibadan, on Saturday, June 4, 2022.
According to him, the lecture delivered by the Keynote Speaker, Dr. Ismail .O. Oyetunji, on ‘Understanding Finance, Accounting And Auditing For Decision-Making’ aimed at “inculcating in members of the Institute the skills they need professionally to understand the usefulness of accounting information, financing information as well as auditing information so that they can be able to make good decisions that will make their organisations to achieve their set objectives.”
The IBDFM Registrar, posited that “for business to survive, for business to thrive and grow, that business needs business diplomacy skills and also financial management skills in order to be able to handle the finances that come in and out of the business.”
Mr. Tusha also had a message for the business community, saying “I think the message to the business community is simple, business diplomacy is key to the growth and survival of any business.
The Keynote Speaker, Dr. Ismail Oyetunji, who is a Fellow of the IBDFM and Oyo State Coordinator, says business diplomacy is a fundamental factor for the success of any business venture.
He noted that in a competitive business environment, business diplomacy comes into play to have an edge over others.
Dr. Oyetunji, who is the immediate past Dean, Faculty of Financial Management, The Polytechnic Ibadan, spoke extensively on the importance of taking the right business decision that could translate into the growth of the organization.
His words, “Decision-making is an essential management skill that can both drive and impede financial performance.
“Literature confirmed that organizations with fast and efficient decision-making processes are twice as likely to report financial returns of at least twenty percent as a result of recent decisions.
“In the light of the recent unstable economic era being experienced in various parts of the world, which has given rise to various concepts such as recession, depression, and so on, it is critical for business owners, policymakers, creditors, and financiers, among others, to strategize and develop sustainable methods, tools, and yardsticks, causing companies to re-evaluate their decision-making processes.
“Companies are being challenged to innovate at any time, guarantee tomorrow’s sustainability, and generate income now in the current competitive market.
“This environment calls into question decision-makers’ present mindsets, as well as the roles of finance, accounting, and auditing in decision-making.
“Not only has the literature suggested that the increasing number of innovation activities in companies has emphasized the need for management accounting and control research (Janka et al., 2020), but it has also been argued that managers of business activities often require more information for decision-making when faced with high uncertainty and complexity in the business environment.
“Thus, in the field of information systems, accounting, financing, and auditing are important for decision-making in an innovation and sustainability perspective.
“To summarize, no organization can run and sustain well and profitably without a thorough understanding of finance, accounting, and auditing.”
Dr. Oyetunji, a Fellow of the Institute of Chartered Accountant of Nigeria, ICAN, also posited that
Business Diplomacy is not the same thing as Public Relations, saying it’s a distinct field.
The 47th MCPD, Investiture of Fellowship & Induction Ceremony was chaired by the Rector, The Polytechnic Ibadan, Prof. Kazeem Adebiyi, who was also conferred with Fellowship of IBDFM.
The high point of the event was the conferment of Fellowship status on some professionals as well as induction of new members and associate members.
The IBDFM under the leadership of Prof A. A. Aminu as President/Chairman of Council, is currently engaging the National Assembly to pass necessary legislation to make the Institute Chartered.
Secretary to Council, Mr. Tusha, disclosed that the legislation will soon go for third reading, expressing optimism that it would be passed.
