Todays executives, managers and business leaders need a greater financial awareness and understanding of financial information than ever before. Financial awareness will lead to better informed business decisions. Financially aware managers are able to consider the implications of their decisions on the business, and can also understand and monitor financial information from both internal and external sources.
Thousands of sales managers, departmental heads, managing directors and business owners wished that they and the people they employed knew more about how the finances of business operate. Whilst effective operation of the business continues to be essential, it is equally vital that poor business decisions are not made because decision makers are not fully aware of the implications on the financial structure of their businesses. An executive coaching program in financial awareness can address this need.
A basic level of financial understanding for business managers and decision makers should incorporate financial planning, costing and budgeting. The following areas of business finance may be considered essential;
Finance is a powerful factor in the success of any business. Most businesses fail not due to poor levels of business but due to poor cash management. As a business leader, you are probably not looking to become a finance expert, but want to apply financial awareness to your situational leadership decisions. You will want to find a coach or trainer that can explain it simply without the financial jargon yet in a way that adds real value to your leadership skills.
Check your own financial awareness by considering the following questions;
How is coaching different from training, and what are the benefits?
There are certainly no shortage of financial awareness courses and finance training available and many organisations spend large sums on training in this area. However, training is not always effective. The Center for Creative Leadership found during research that only 8 to 12 per cent of those who attend training courses translate new skills and knowledge into measurable performance improvement or business results. Often this is because most finance training courses are classroom based and do not allow for the skills to be put into practice, and there is no provision for feedback or ongoing support.
Some of the advantages of coaching over training include;
Executive business coaching will enable you to gain the financial awareness you need by working with an expert on a one to one basis. You will gain insight into business and finance and have access to impartial advice. Through better understanding of company financial information, business managers and teams can make better informed business decisions - they can consider the implications that these decisions have or could have on the business and can also monitor and interpret financial information from their customers and competitors.
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