Finance Shminance
Yup, I failed macro economics in college. That was freshman year. I really hated the class so much I never bothered to take it again even though anyone could take a freshman class over and take drop the lower grade. That added a 0 into my GPA. I still managed to eek out a 3.2, but imagine how much better it would have been; rather I don’t need to imagine, I guess I could just do the math, but I didn’t really care much for those subjects either.
Soon after I started having some entrepreneurial success my father suggested that I take some finance classes. He tried to impart on me the value and importance of being able to read and understand financial statements. It wasn’t so much that I didn’t regard the sound advice; quite contrary, I knew it would be useful and that I fully believed it due to the repetition of that same counsel in the various business books I’d read. Insomuch that I didn’t heed my father’s direction, partially due to my own obligation to do things my way (that’s another post entirely to be sure) and partially because I just didn’t enjoy it.
I winged it. And as my business evolved, financial sophistication became increasingly more vital. I’d say I made an effort to understand and manage by it, and to some reasonable extent I did that with success. But it wasn’t until recently that I truly discovered the benefits and was inspired by results of financial scrutiny.
As I’ve said many times before, ironically some advice I did take from my father, I hired people smarter than me, or at least more worldly in ways I was not. This capacity has served me well, and the hiring of Dan Morefield has opened my eyes to financial management. Weekly we study our P&L, cash flow, balance sheet and so forth. Without question just keeping a watchful eye and regularly examination of these documents from trained perspective has made a dramatic impact on our business. In fact, from Dan’s perspective it’s less about his understanding of the numbers as it is for him to ensure that we, the management team, understand the numbers. His diligence in our comprehension of them is in an effort that we discover problems early and make sound decisions.
As someone who failed economics, you could say I’m a poor student. But I think perhaps I didn’t have the right teacher.
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Tia smith
Posted by: Buderim real estate