Mar 15, 2024
In this Short Talk episode Judith Germain and Ben Risser discuss financial intelligence vs financial literacy and how it empowers business owners to make better financial decisions.
Key Takeaways
- Financial intelligence provides high-level, actionable data to make key business decisions. Financial literacy is the ability to understand financial information. Together they provide financial situational awareness.
- Many small business owners operate financially blind between meetings with their accountant. A fractional CFO can provide guidance throughout the year.
- A CFO can help prevent costly mistakes and position a business for growth. Their fee is small compared to the value they provide.
- Accurately projecting cash flow is critical for a business to have financial situational awareness. A CFO provides an experienced, strategic perspective.
In this conversation Ben shares that accurately projecting cash flows is critical but difficult, determining distributions and avoiding shortages. Financial partners provide strategic foresight to balance owner isolation in decision-making.
Ben Risser is an aerospace engineer turned Fractional CFO, focused on helping executive leaders replace financial uncertainity with Financial Situational Awareness, thereby increasing their mission impact.
You can find out more about our guest and today's episode in this Maverick Paradox Magazine article here.
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Catalysing Transformation - 1 min video
Judith's book: The Maverick Paradox: The Secret Power Behind Successful Leaders.
Judith's websites:
- The Maverick Paradox Magazine - themaverickparadox.com
- The Maverick Paradox Website - maverickparadox.co.uk
Judith's LinkedIn profile is here, her Twitter profile (MaverickMastery) is here, Facebook here and Instagram here.