Financial Intelligence for Entrepreneurs: What You Really Need to Know About the Numbers Kindle Edition
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Top Customer Reviews
At a GE annual meeting, then CEO Jack Welch explained why he thought so highly of "small, sleek" business operations: "For one, they communicate better. Without the din and prattle of bureaucracy, people listen as well as talk; and since there are fewer of them they generally know and understand each other. Second, small companies move faster. They know the penalties for hesitation in the marketplace. Third, in small companies, with fewer layers and less camouflage, the leaders show up very clearly on the screen. Their performance and its impact are clear to everyone. And, finally, smaller companies waste less. They spend less time in endless reviews and approvals and politics and paper drills. They have fewer people; therefore they can only do the important things.Read more ›
I wish I had this book years ago. Their explanations are clear, their ripped-from-the-headlines examples are relevant and compelling, and their writing style is lively. Their frequent playful and humorous asides help to humanize the material.
There are many helpful features in this book. Among my favorites are the embedded glossary (definitions that appear on the page where the expressions are first used rather than at the end, requiring the reader to flip back and forth) and the toolbox at the end of each Part that gives the reader a hands on opportunity to try out the concepts they have just learned. I also appreciated their emphasis on finance as art not science, subject to assumptions, biases, even manipulation and fraud. I guess I knew that, but I didn't realize just how subjective it can be. Another discussion that I also found very helpful was the difference between cash and profit, and the relationship between the two. I thought that their description of this critical topic was especially lucid, lifting the fog that usually accompanies my attempts to understand, and most important, apply this concept.
This book is a must read for any human resource professional. No longer will we be sloughed off to the side when money, not people, is the main topic at hand. Armed with this book, we can participate fully in these conversations and even influence the outcomes by demonstrating how human resources - the people and the function - can help the organization make more money.
The authors also make learning a useful, hands-on and enjoyable experience with worksheets in the appendices using the information for a fictitious company. Of course, the readers are invited to also use their own company's financial data to develop their understanding of the finances. Despite making things easy to understand, the art of accounting is not obscured or ignored. Berman and Knight make it clear that many of the key numbers we use to "dashboard" our businesses are really not much more than estimates. Informed estimates to be sure, yet still, the numbers are subjective rather than fact. The goal of the accounting team is to get the numbers as close to reality as they can. The goal of the financially intelligent leader is to understand where the art ends and the reality begins.
The book starts with five critical questions:
* Do you know whether you will have enough cash to make payroll next month? How about the month after that?
* If you're running a start-up, do you know your burn rate - that is, how fast you are going through your cash?
* Do you know how profitable your company's products or services really are: do you know that you can be running a profitable business and still run out of cash?Read more ›
Most Recent Customer Reviews
This book is very general. It does not go into the detail that is truly necessary for HR metrics.Published 1 month ago by Amazon Customer
This is a scam, when I received this it was a pink plush toy instead of this book.Published 7 months ago by Jack Blodgett
Concise & clarifying introduction /on the subject. Notwithstanding & given that accounting principles are not overly logical for science trained readers, I would have welcomed a... Read morePublished 7 months ago by Lee Altman
Makes financial concepts like cashflow, income and assets easy and understandable.Published 8 months ago by Pankaew
AMAZING BOOK! I never thought I would understand about Finance! I am so happy with the book, amazing for the price. Read morePublished 9 months ago by Amazon Customer
I'm in the industry, and have found so many books overcomplicate things for people who DON'T have an accounting degree. Read morePublished 10 months ago by Valerie H.
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