|Both IQ (relative intelligence), and EQ (emotional intelligence) are important for business success, but so is FQ (financial intelligence). Q2 Ltd define FQ as “knowing, understanding, and acting on your numbers”.
The following are 10 reasons why business owners need Financial Intelligence:
- Garbage in, garbage out – just pushing a button to get your numbers is not the answer. A quality control process must be followed to ensure your numbers are accurate, complete and reliable. FQ coaching explains that process and sequence.
- Rubbish accounting reports – internally prepared accounting reports are often unintelligible and/or misleading. FQ coaching explains how/where to code, how to format different accounting reports for detailed analysis, as well as reports suitable for strategic “helicopter” overviews.
- Profit ≠ Cash – profitable businesses often go broke, because they didn’t understand the difference between profit and cash. FQ coaching clearly explains the differences.
- Cash accounting – many businesses rely on simplistic cash accounting. FQ coaching explains how to prepare accrual reports for improved business transparency.
- “Profit is all I need to know” – not correct! FQ coaching explains key financial indicators such as margins, mark ups, break even sales, and other important efficiency measures.
- Cash Conversion Cycles – what you can measure you can manage. FQ coaching will help you calculate your cash conversion cycle – the first step to improving cashflow.
- Tax Basics – FQ coaching demystifies how tax is calculated, as well as what can and can’t be claimed for tax purposes.
- Drawings, Salaries, Dividends – profits can be extracted by business owners in many ways. FQ coaching explains the options.
- Owners Current Accounts – FQ coaching demystifies this important, but typically misunderstood, topic.
- Protection, if it goes wrong – unfortunately, sometimes a business will fail. FQ coaching explains how you can protect yourself, before things go bad.
FQ coaching can be scheduled to suit your business, or join Q2’s first 2019 group coaching workshops Wednesday 9am – 1pm on 13 March, 17 April and 15 May 2019.
AND 50% funding is available for eligible businesses from Ateed under their Regional Partner Network scheme. For more information click here.