You may have the data, but can you do the math?
Financial competency is skillset that should be found throughout a successful business. A real and present danger is that in limiting this understanding exclusively to the financial department, they may have too much influence on decision-making.
Embrace the plateau in your business calendar to develop data competency across your organisation
Instilling this confidence with numbers company-wide will also mean leaders are less often required to guide employees through them.
If people in each department are familiar with the data and how you use it, the business as a whole can move in a unified direction towards its mission and future vision, without misunderstandings slowing progression.
Are you over-reliant on your financial department to explain and use data?
Is there financial competency across your business, does everyone know the numbers and how to use them?
Have you considered training your employees, so they are more comfortable reading and utilising data?
