The conversations were lively and fun. Its fun job when you get to help others grow.
Showing posts with label Financial Training. Show all posts
Showing posts with label Financial Training. Show all posts
Thursday, September 15, 2011
Financial Analysis
Just spent 2 days with one of the sharpest minds in the Equipment Industry. It was a great approach and style of teaching numbers to dealership personal. You have to understand how you calculate the key indicators before you can plan on how to effect them.
The dealers, store managers and aftermarket managers walked away with a wealth of knowledge and many tools to take back to their dealership.
The conversations were lively and fun. Its fun job when you get to help others grow.
The conversations were lively and fun. Its fun job when you get to help others grow.
Monday, August 22, 2011
Financial Management: I Know My Numbers Now How Can I Effect Them
When I first started running stores I didn't know a thing about
Income Statements, P&L's or General Ledgers. I spent countless hours
convincing myself that if I worked hard, drove top line sales and
focused on customer satisfaction that it wouldn't matter how
Financial Illiterate I was. I believed blood, sweat and tears would
cure all my deficiencies. After years of long day's and nights,
missing my kids events and family activities; I had an epiphany.
There had to be a way to work smarter not just harder.
Through self-study I began to learn financial management. I studied
to be a true manager not just a hard working operator. I worked with
my mentor on a monthly and quarterly basis reviewing all my financial
statements. The first thing was to learn where to find all the data
and reports. We then analyzed the P&L Statement and General Ledger
line by line. Learning what each line meant and where the numbers
came from. I then learned how my day-to-day actions and decisions
affected the numbers both positively and negatively. After I knew
what the numbers meant and how I could affect them; I created action
plans to attack my opportunity areas. With a little knowledge and
focus I put my energy in the right places to drive my team to
success. The next step I taught my key leaders to analysis their
departmental numbers. Teaching Financial Management to yourself and
key leaders can be a gift to your dealerships bottom line and
longevity. It's never to late learn Financial Management.
Income Statements, P&L's or General Ledgers. I spent countless hours
convincing myself that if I worked hard, drove top line sales and
focused on customer satisfaction that it wouldn't matter how
Financial Illiterate I was. I believed blood, sweat and tears would
cure all my deficiencies. After years of long day's and nights,
missing my kids events and family activities; I had an epiphany.
There had to be a way to work smarter not just harder.
Through self-study I began to learn financial management. I studied
to be a true manager not just a hard working operator. I worked with
my mentor on a monthly and quarterly basis reviewing all my financial
statements. The first thing was to learn where to find all the data
and reports. We then analyzed the P&L Statement and General Ledger
line by line. Learning what each line meant and where the numbers
came from. I then learned how my day-to-day actions and decisions
affected the numbers both positively and negatively. After I knew
what the numbers meant and how I could affect them; I created action
plans to attack my opportunity areas. With a little knowledge and
focus I put my energy in the right places to drive my team to
success. The next step I taught my key leaders to analysis their
departmental numbers. Teaching Financial Management to yourself and
key leaders can be a gift to your dealerships bottom line and
longevity. It's never to late learn Financial Management.
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