So what are your responsibilities as an employee? To your boss, the bottom line, and shareholders? See how applying a list of founder mindset thoughts can build both the bottom line of your company and your career.
- Thanks for joining me,…as we looked inside companies to see how the money flows.…Hopefully you're feeling better equipped…to explore the financial operations in your company,…and make more informed bottom line decisions.…The best advice I can leave you with…is to think like an owner and ask questions like,…how will an economic event impact our pricing and margins?…What are some untapped sources of revenue?…Who is our most profitable customer?…What are some efficiencies that…I can create in my department?…Is there a more efficient way to manage…the supplier and reduce our costs?…Now, this course is a great start,…but there's always more to learn, so where to from here?…How about an accounting course,…so you can read financial statements?…I'd recommend Accounting Foundations, by Jim and Kay Stice.…
Expand your media diet to include…industry publications and general finance news,…and keep your ear to the ground…so that you're one step ahead of changes.…Now, as my homework to you, if you haven't already,…make contact with the people…
- Explain how understanding your company’s finances will help you as an employee.
- Identify how you can help drive revenue if you do not work in sales.
- List the key things to look for when setting terms with suppliers.
- State why it is important to understand key accounting concepts and success measures.
- Explain what an income statement can tell you.