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Importance of Financial Intelligence in Business
- April 03, 2021
Financial intelligence for business is understanding of how financial success is measured
As per Great guru Chanakya “Learning is like a cow of desire. It, like her, yields in all seasons. Like a mother, it feeds you on your journey. Therefore learning is a hidden treasure.”
Financial intelligence is incredibly critical for us all to survive, especially in this disruptive age. We hear it numerous times but it seems many folks don’t know what it means. Our ignorance also prevents us from gaining the required knowledge that's required about it. Usually we all spend money and therefore the issues related to money is very important for all whether Individuals, families and businesses (big or small).
Thus, financial intelligence is required in all fields of the business. Most decisions taken by various managers/executives are in fact financial decisions.
Sales manager should have awareness about the financials so that she can make decisions about discounts, credit terms etc. A decision as to the levels of stock to be maintained by the stores manager is a financial decision. Marketing manager should know about the product profitability to decide about the marketing campaigns. An HR decision as to the kind of people to recruit as per the business priorities is also a financial decision. So what is financial intelligence ?
Financial intelligence for business is understanding of how financial success is measured and how they have an impact on the company’s performance.
For example we need to know the difference between profit and cash. Need to know why the balance sheet balances. The numbers neither scare nor mystify us.
Do you know that one of the major reasons of failure of the organization is lack of financial intelligence ? It may sound strange but probability that a company listed in Fortune 100 in 1960is still listed is just 17%.
Greater financial intelligence, we’ve learned, helps people feel more involved and committed. They understand better what they are a part of, what the organization is trying to achieve, and how they affect results. Trust increases, turnover decreases, and financial results improve.
Enroll free for the Basic course of Financial Intelliegence by Bizwiz Learning and Improve your financial knowledge. Go to the below link and Register now.Share Share Share