 |
 |
|
 Print Friendly
 Email to Friend
|
|
Invest In Yourself
|
|
|
Article 5: Financial Training
There’s a little rhyme in business that goes something like this:
“When the money going out of your business exceeds the money coming in, you’re going out of the business you’re in!”
To ensure that this doesn’t happen to you, be absolutely diligent in the financial management of your business.
“You simply cannot afford to be ignorant when it comes to the finances of your business, because your business’ survival literally depends on it,” says Gene Siciliano, the founder and president of Your CFO For Rent, www.cfoforrent.com/.
Diligent financial management is also crucial if you want to grow your business. “You have to have control of your finances if you want to grow,” says Siciliano. “Growth usually requires outside capital, and bankers and capitalists today will not work with business owners who are financially naïve.”
If financial management isn’t your strong suit, Siciliano recommends four sources for help:
University and extension courses — “These are content-rich, relatively inexpensive and are usually taught by solid professors who have a good sense of business,” he says. And they typically offer flexible schedules to accommodate busy professionals. The biggest drawback is that they’re generally designed to meet a broad range of issues and so may not be as focused as you need.
Public seminars — There are numerous full- and half-day financial management seminars offered in most cities. They’re cost effective and provide good overviews. “They’re like survey classes — they hit the high points, but they’re not real thorough,” says Siciliano. “You should be able to get some good takeaways, but you won’t get strong reinforced learning in just one day.”
Your CPA — Your CPA can be a great source of financial assistance. You’ll get focused answers to your specific issues. The biggest drawback is the cost, as CPAs’ hourly rates can add up. So be prepared with specific questions to maximize your time together.
“Also be aware that most CPAs are accounting and tax specialists, not general business specialists,” Siciliano notes, “so they may not have the answers to all your business financial questions.”
A financial coach — For the most tailored and customized financial help, you can hire a personal financial coach or trainer. Think of this coach like you would a personal fitness trainer — someone who will work with you one-on-one to help address your specific financial needs and meet your goals and objectives.
“A coach will prepare a focused and customized financial program designed just for you and deliver it in your office,” explains Siciliano. “Most of my clients see rapid results.” Of course, this is also the most expensive option, generally running anywhere from $100-$500 an hour.
|
|
|
|
|
|
|
|
|
|
|
|
|
Print Friendly
Email to Friend
|
|
|
 |
|
|
Invest In Yourself
|
 |
|
|
 |
| Select an online seminar from the Success Skills Archives:
|
|
|
 |
|
|
If you liked
this seminar, check out these related topics:
|
|
