Are you a busy business owner? Why should you improve your financial intelligence?
Running a business without understanding your numbers is like driving a car without a steering wheel.
As any business owner should know, there’s a direct correlation between financial literacy (what Q2 call financial intelligence) and business success. Small business owners are often very dependent on their own skills and knowledge. While larger companies can refer to experts from multiple disciplines, the small business owner needs to know everything from marketing, to operations, sales – and, of course, finance.
Whether you have a financial background or not, small business owners are required to budget, do accounting and taxes, calculate price points, and project revenues and expenses well into the future to ensure continued success.
Understanding your finances – including cash flow, budget projections, profit and loss, etc. – is essential to understanding the ‘health’ of your business. But for some business owners, financial reports can seem like they’re written in a foreign language.
Your level of financial intelligence not only affects your numbers, but the speed and success of your growth plans and your relationship with financial lenders. Without that understanding, it’s easy to make poor financial decisions that can send any progress backwards.
Financial intelligence is an understanding of how cash works in your business: how you make it, how you spend it and how you can invest it to improve your overall financial picture. This data tells a story about your business, and you need to know how to read it.
When you have a solid understanding of your financial statements, you’re in a much better position to make informed, strategic decisions about your business.
That’s where Q2 can help.
Q2 Financial Intelligence (FQ) Coaching workshops are designed to help business owners understand their numbers. This is essential for making good financial and strategic decisions.
Q2’s business coaching sessions cover key accounting concepts, financial KPIs and the drivers of profitability and cash flow. You’ll learn how to read your financial results and accurately calculate your cash conversion cycle. You’ll also learn how to better manage your cash flow and to use clearer formats to capture your financial information.
By the completion of the programme, you’ll be able to produce and interpret your own customised financial reports each month. Q2 also help out with any queries you might have by providing ongoing phone and email support between sessions so you can be confident you have the best financial advice for your business.
Call Q2 today to find out more about their Q2 Financial Intelligence Course and (FQ) Coaching workshops and start the journey to financial success!