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WHAT IS FINANCIAL LITERACY?
Financial literacy is the understanding of financial terminology, statements, and concepts, and knowing how to use this information to make a financial impact.
The first step is to read up on the language and documents your company uses to talk about and track finances.
5 WAYS FINANCIAL LITERACY CAN HELP YOU IN BUSINESS
1. Understand the Impact of Your Actions
Once you understand your company’s financial statements, you can track specific items that impact your organization’s bottom line.
2. Make More Informed Decisions
If you’re a manager, financial literacy can allow you to approach problems with a new toolkit.
3. Advocate for Your Team’s Budget
When your team is in need of money for a project or product, your understanding of finance can help you build a strong case.
4. Hone Your Negotiation Skills
Financial literacy can help you thrive at the negotiation table. Whether you’re negotiating salary, benefits, or the scope of a project, having an understanding of the bigger financial picture can serve you well.
5. Become Financially Efficient
Understanding how each of your team’s expenses plays into the liabilities on your organization’s balance sheet can allow you to assess how to be more financially efficient.
