Financial literacy in business for business growth

Is there nothing better than engaged employees?

Well yes, there is! It is when you have financially engaged employees. Especially when you run a SME.

Financially literate employees tend to be happier and more engaged at work, increasing their productivity as well as having a vested interest in the future. .

Employees who understand the detailed aspects of business finance know the realtalk that comes with loss and cost, and that net profit is not always as high as it seems (which let’s face it, the perception is often that the boss is rich).

Engaging your people in the financial elements of your business may have previously been viewed as a serious taboo however consider this: they may be more likely to see your business, their workload and their salary in a favourable light.

Engaging employees can promote a positive workplace. Engaging employees in understanding the principles of finance, why certain decisions are made and what the growth goals are can be considered as part of their learning and development.

Sending them on seminars and workshops, understanding accounting software such as Xero or having them shadow your financial controller will help them have a holistic view of the business and not such a micro view.

Engaging financial planners to support their development in understanding what finance is, as apposed to a data driven accountant can support goal orientation and keep everyone on track.

The goal should be that you turn your people in to mini-financial planners, helping you build your business and their own careers along the way

7Wealth Pty Ltd ABN 44 609 210 246, is an Authorised Representative of AMP Financial Planning Pty Limited ABN 89 051 208 327 Australian Financial Services Licence 232706 and Australian Credit Licence 232706
This blog contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information. If you decide to purchase or vary a financial product, your financial adviser, and other companies within the AMP Group may receive fees and other benefits. The fees will be a dollar amount and/ or a percentage of either the premium you pay or the value of your investment. Please contact us if you want more information.