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Communicating with Your Team on the Financials

by Linda Coors on February 13, 2013 · 0 comments

In a recent teleconference with Frank Ross, he was asked why companies should communicate about financial management and what if the owner or leader in the company is worried he or she will reveal ignorance on a certain topic. Here are some of Frank’s responses:

Why Communicate with Your Team?

  • Financial management provides all of the benchmarks (sales, estimating, performance, etc.) that we use to measure how effectively our company is functioning.
  • Everyone gets on the same page and works in the same direction.
  • Common language and knowledge to reach common goals

What if Owner is Concerned His Team Will Not be Impressed with His Financial Management Knowledge?

Thirty years ago an owner said, “Frank, if you can show me a designer that knows anything about financial management, I will show you a bad designer.” Now, that company is one of the largest landscape management firms in the country and is one of the most profitable because that owner truly embraced financial management and is now one of the smartest financiers in the industry. Long story short:

  • We all start on the same page learning about things.
  • It is completely okay to recognize we all start at different levels.
  • We will grow together in learning financial management.
  • It is not possible for a company to succeed and reach its true potential without financial management.

Click here to listen to a clip of Frank discussing these questions.

 

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