The April – March cycle is here.
A great to remind ourselves on how financially literate we are???
Rate yourself (honestly) on a scale of 1-10 (1 being the lowest and 10 being the highest) :
Q1 Do I understand principles of accounting and financial reporting?
Q2 How management accounting helps to maintain control and improve efficiency?
Q3 Do I know the strategic and operational role of the finance function?
Q4 Can I use the language of accounting and finance to communicate effectively with financial professionals within my organization?
Q5 Am I equipped to review the financial performance and financial position of my organization using the appropriate financial ratios and break-even analysis techniques?
Q6 Do I use budgetary control to compare actual against planned performance and to identify corrective actions with ease?
If your answer to 2 out of these 6 questions is at mid-level or low, then it is time to think.
For any business the key elements of profitability, liquidity and financial structure are critical for continuing success and competitiveness.
Executives and business professionals need to understand the financial factors which are critical to business success.
You cannot turn a blind eye to facts and figures.
In a competitive business world today, it is a given: that the Managers, Senior managers, Middle level executives, BU heads, Senior Leaders in non-financial positions need to improve their financial skills to make critical business decisions involving cost savings, budgets, new projects, growth strategies, etc.
Wishing each one-off, your exponential growth in FY 2023-2024 – but this time with higher financially literacy levels.
Gain deeper #Clarity on ‘finance’ for a bigger impact in your role. All the best!!!