Financial literacy in running a business

[Yohanna]

In order to make the business successful, there is need for financial literacy because you must be able to manage and run the financials of the company.

 

[Starmix]

No business owners are financially illiterate, all of them are brilliant men. They won't allow their business to crumple to the ground but rather grow strong. Their capitals are millions so they won't allow themselves to be ignorant of money financing.

 

[IB D]

If you don't have financial literacy, you won't be able to manage money in a business. And money management is one of the core of business management.

 

[Springtime]

The main purpose of running a business is to make money. The business owner does not need to be a financial expert, but s(he) must understand the basics of financial management which includes budgeting, cash flow management and be able to read a Balance Sheet, Profit & Loss Statement.

 

[hastral45]

If you lack financial literacy, then it is useless to run a business. Your profit might be put to waste or there will be no money to save in the bank. It may not be on your mind what to do with the money. what's on your mind will be to spend, and buy the things you like, buy the things your family likes despite not being essential. There are basic things to know for financial literacy and these include the following: banking, budgeting, handling debt and credit, and investing. What you gain in your business big or small could also be spent for an investment, so you will have nonstop gains.

It is a must for a businessman to choose his bank to deposit the proceeds of his business, thus enabling him to manage his debts, in case he has. He can withdraw only what he needs as payment for a loan for example. Budgeting is also part of financial literacy. It is not easy to budget especially if you are an elite businessman. You always attend parties and special gatherings if member of a club like the Rotary Club.

You have to understand the value of money and being financially literate gives you the ability to understand that you need to be effective in your decision in relation to various financial skills including financial management, budgeting, and investing more. You have to make sure that you have the basic foundation of a relationship with money for you will have a lifelong journey with your business. It is good to be smart and financially literate.

This is a good advise. Before you embark to establish a business, you must first acquire yourself, knowledge on financial management. You must learn how to ensure your financial goal is achieved through planning and execution.

 

[Johnson2468]

Financial literacy is very important in running a business.WIthout financial literacy business may be spending beyond their source and even mismanage their funds or over spend on what is not necessary

 

[Bisolami]

A high level of financial literacy is needed to run a business successfully.

Someone who is not financially literate should not even bother to run a business

 

[IB D]

Before you start a business, you must take time to study first of all, generic business books like Think and Grow Rich. Then you can take time to study about your own niche. And gain knowledge in the process.

 

[uptrendfinancialsignal]

It's very crucial to be financially literate because it's a way to improve your finances.

 

[relcap23]

Financial Literacy is vital in every endeavour. We see other professionals like doctors, engineers, teachers taking up financial and business management courses because they see how important it is. It's not only a must for the traditional business entity but also im the practice of profession. Doctors operate a clinic and deals with patients. Lawyers have clients to attend to and they have a physical venue to meet their patients and clients and managing even a small space requires monetary value.. When there is money it is understandable to mean financial operations.

 

[Starmix]

This is a good advise. Before you embark to establish a business, you must first acquire yourself, knowledge on financial management. You must learn how to ensure your financial goal is achieved through planning and execution.

Yes, you are so right, for without them, a business may not run smoothly because the owner lacks the basic knowledge of financial literacy. Through it, a business operator can adjust his expenses and nonsense expenditures.

 

[hastral45]

No business owners are financially illiterate, all of them are brilliant men. They won't allow their business to crumple to the ground but rather grow strong. Their capitals are millions so they won't allow themselves to be ignorant of money financing.

Not all of them. Why this is not noticed is that the illiterate ones have qualified personnel as their managers who are guiding and tutoring them in financial management. This is why loopholes are not noticed.

 

[cherry123]

Financially literacy is important for running of a business as it hrlp gives you the ability to understand the need to be effective in one's decision to making money which is amazing

 

[Starmix]

Financially literacy is important for running of a business as it hrlp gives you the ability to understand the need to be effective in one's decision to making money which is amazing

It is a must for the person running a business to know his score of money or else his money disappears with the waves of ignorance. It could be possible if you hire a financial advisor or a sibling as a trustee.

 

[uptrendfinancialsignal]

Financially literacy is important for running of a business as it hrlp gives you the ability to understand the need to be effective in one's decision to making money which is amazing

It is crucial to be financially literate if you want to be successful in business management.

 

[cherry123]

Yesh it is good to run a business with financial knowledge to avoid losing money. it is true that money disappears with the waves of ignorance so it is good to be financially literate

 

[Chibson]

Well, financial literacy is a must for any business owner. It is something that should never be ignored. some business report always employee qualified financial accountants but at the same time they themselves are also financially threats

 

[hastral45]

No business owners are financially illiterate, all of them are brilliant men. They won't allow their business to crumple to the ground but rather grow strong. Their capitals are millions so they won't allow themselves to be ignorant of money financing.

No. Some businessmen are quack illiterate to the point, some could not even hold pen to write or read. Yet, they run successful businesses. I can mention like 4-5 businessmen I knew who fell into this category. These people, though they were unlettered, yet they were very intelligent when it come to business running.

 

[Starmix]

You're right, it is possible. Money can work in. many ways. For an illiterate or lacking education businessman he could hire a financial advisor. I also knew of a wealthy man in my place who only reached grade 3 but became a millionaire.

 

[flower]

It is far better to be an employer than to be employed.