A big part of corporate development is encouraging growth within your organization \u2013 sure, we all know this. But with so many different ways to go about achieving this, it can sometimes be difficult to discern which methods work well and are the most advantageous. At Innovators Alliance we often discuss the concept of corporate development and how to approach this, and one of the most interesting ways is by teaching your employees how to read financial statements. What? That can\u2019t be right? Caught your interest? We thought me might!<\/p>\n
Ok, are we suggesting you share all of your financial documents with your employees? No, of course not \u2013 most of us would never actually consider that. But when it directly relates to their job, sharing some financial information might actually prove incredibly beneficial to your organization in the long run.<\/p>\n
Teaching Employees to Read Financial Statements – The Whys and Hows:<\/p>\n
Why? Teaching an employee to read and understand a company\u2019s financial statements inevitably helps them better manage their own personal finances. So what? We don\u2019t mean to be crass, but what do an employee\u2019s personal finances have to do with your business? A lot actually. By teaching an individual all about those numbers, they actually gain a better understanding of the financial side of your business.<\/p>\n
Think about it in relation to innovation. If an employee working the line is just told what to do and when to do it, they are likely unaware of the reasoning behind that direction, and will continue to just perform as a cog in the greater machine (and trust us \u2013 no one likes to think of themselves as such). However, by providing a breakdown of costs, an employee on the frontline may actually start to think about the overall costs of production, and as a result envision ways to increase efficiency.<\/p>\n
Another benefit \u2013 when it comes time for bonuses, or profit sharing, do your employees actually understand how these are broken down, or do they just blindly accept what is given? Furthermore, does an employee understand the concept of differing bonus levels or conversely, why everyone should be treated the same – does that lead to dissention among the ranks? For example, can they see the inherent value each individual has to an organization (i.e. is an older, less efficient yet highly experienced employee less valuable than a younger, quicker, yet less experienced employee?)? By teaching them about the breakdown, they can actually see the value.<\/p>\n
So how do you accomplish this? Is it best done in a group? Are you approaching it in a way that is not so much teaching as providing information and guidance? Attack it as corporate learning rather than a personal life lesson and most people will actually be engaged!<\/p>\n
Corporate development often wears a coat of many colours, but at Innovators Alliance, we can help you discover a style that\u2019s all your own. Contact us today at 1-905-332-0340.<\/p>\n<\/span>","protected":false},"excerpt":{"rendered":" A big part of corporate development is encouraging growth within your organization \u2013 sure, we all know this. But with so many different ways to go about achieving this, it can sometimes be difficult to discern which methods work well and are the most advantageous. At Innovators Alliance we often discuss the concept of corporate […]<\/p>\n","protected":false},"author":4,"featured_media":680,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[12,16,19],"tags":[],"class_list":["post-679","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-how-to-innovate","category-workplace-culture-innovation","category-social-innovation"],"acf":[],"yoast_head":"\n