Of course, your financial results are simply a numerical reflection of the decisions made and operating activities in your business.
Acquiring the skills and tools to understand and measure your results is key to knowing which activities you need to change in order to produce superior profits and sustainable cash flow.
So, unless you possess these financial skills it can cost you, and your business, dearly.
But master these skills, and you can create a serious competitive advantage for yourself.
Why You Should Become Fluent In The Language of Business
Finance is the language of business.
Whether you like it or not, the one thing every organisation has in common is numbers.
I come across a lot of business owners and CEOs who tell me they are not good with numbers, or that they struggled with maths at school.
That’s not what we’re talking about here.
So, let’s be very clear.
Only finance professionals need all that accounting stuff.
For most business people, finance mastery is no more than a set of skills that can be learned.
I’ll repeat that sentence because it’s vitally important you understand this point.
“For most business people, finance mastery is no more than a set of skills that can be learned.”
And this is where I believe most traditional finance training for non-financial business people gets it wrong.
All that talk of debits and credits, trial balances, and general ledgers.
It attempts to turn you into a fully-fledged accountant, a bean-counter.
That’s not what most business owners want or need.
You don’t need to be a bean-counter to master finance.
Isn’t that a relief? 🙂
Why are these skills so important?
Well, the higher you climb and the more successful you become, the more you will encounter people who are fluent in the language of business.
Most of these people probably couldn’t do an accountant’s job. They couldn’t do the books each month or create a set of accounts.
But they do understand the basics of financial measurement. They can read an income statement, a balance sheet, and a cash flow statement. They understand the difference between profit and cash. They understand why the balance sheet balances.
The numbers neither scare nor mystify them.
I’ve never met a successful business person who didn’t know their numbers – inside out, back to front, and upside down.
If you want to be taken seriously and to communicate effectively then you must be able to use the language too.
Just a note of warning!
If the key to growing a successful business was only learning how to speak the language then all accountants would be rich.
And they’re not.
So it isn’t.
The trick is to learn how to translate the language into something that’s usable for your business.
And that’s what my training and coaching are really all about.
I have distilled over 30 years experience as a CFO/Finance Director, all the successes and all the mistakes, down into a coaching programme for business owners called Finance Mastery.
Participation is by invitation only.
If you interested in joining me then contact me and let me know ==>> Contact Phil, and I’ll get back to you with details.