Enhancing Financial Understanding Program for Business Growth

This overview delves into the Financial Understanding Program, highlighting key aspects such as breakdown by rated business types, state players in the Irish support ecosystem, challenges faced, common relationships with accountants, and the importance of going beyond mere regulation in accountancy. It emphasizes the need for businesses to identify opportunities, manage cash flow, and develop a strong understanding of financial principles to drive decision-making and growth.

• Financial understanding
• Business growth
• Accountancy
• Financial management
• Irish support ecosystem

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Uploaded on Sep 15, 2024 | 0 Views

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1. Financial Understanding Program An overview

2. DLR DLR breakdown by rated business type Retail/Wholesale Professional, Scientific & Technical Information & Communication Human Health & Social Work Accommodation & Food Service Financial & Insurance Manufacturing Construction Transportation & Storage 0 200 400 600 800 1000 1200 1400

3. 3 KEY STATE PLAYERS IN THE IRISH SUPPORT ECOSYSTEM Train Grant aid Startup/ micro Mentor FDI Indigenous

4. ONE OF OUR BIG CHALLENGES Previous efforts Worked with accountancy bodies hard sell no take-up Workshops/ training limited impact small changes Mentoring specific challenges only

5. COMMON RELATIONSHIP WITH ACCOUNTANT

6. Accountancy should be beyond regulation Identify products/ services that are making/ losing money Compare industry norms re margins, productivity etc Identify business patterns/ seasonality Budgeting/ cashflow to limit stress (at a minimum) Identify opportunities for cost cutting Objective analysis of any business activity i.e. product development/ ROI Forward plan for scaling in any direction etc

7. Develop an interest/ awareness of the power of numbers Give proper context Provide the language to have these conversations with accountants Making training relevant to the audience Non technical what KPIs and interpreting same Influence a numbers habit to make decisions Ability to identify the right financial software/ platforms Programe Programe Objectives Objectives

8. Financial Financial Understanding App Understanding App Self assessment Content Practice Mentor

9. SELF ASSESMENT Provoke

10. STATUS STATUS Learnings Beta launch - What scale company - Needs to be applicable - Requirement for immediate benefit - Time efficient for user - Usability - Importance of strong mentoring 37 clients signed up

11. Thank you Olaverty@dlrcoco.ie

12. CONTENT 2 LEVELS START ACCELERATE