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Bridget Holmstrom - Tuesday, January 05, 2016

Get your foot off the brake

(and put it on the gas pedal) 

Failing to understand finance can be a significant brake on your business career.  How can you understand the state of the business or properly feel the pulse of operations if you don't know even the basics. 

Recently I spoke to someone who didn't understand that a number in brackets at the bottom of the P&L meant that the business was making a loss. Clearly this would be a major problem when reviewing financial statements was a significant part of an job interview process.  

I have also spoken to a former bank manager who related the tale of a former client buying a caravan with the "profits" from the business.  A quick review showed that far from having spare cash the business was loss making and had serious cash flow problems.  I am sure that there are many other examples.  Whilst the first example meant that getting a job was harder than it need have been.  However, the second example could, easily, have resulted in the bankruptcy courts.

Understanding finance is not as complicated as it may seem and it certainly does not require a degree in mathematics nor an accounting qualification.  

Find out when there are opportunities to develop your finance skills, contact me or if you work in the London area then you should book on the the upcoming finance for non finance managers training session on the 16th February.  You can find the course content here.  (and take advantage of the New Year Discount)

Bridget Holmstrom