We often skirt around financial literacy within our teams. It is a topic that can really make people’s eyes glaze over. Yet, it is as crucial as your next funding round to scaling success. At the helm of a growing company, you are steering the ship through sometimes choppy waters with your gaze glued to every financial blip on the radar.
Even so, sharing these insights can feel like operating a Morse code without a recipient. How can you break down numbers and financial narratives in a way that your crew can rally behind?
Here are a few thoughts from my experience as a founder:
- Connect the strategy to the front lines. When we share the stories of how the strategy connects to and affects the people on the front lines of the organization, we create a sense of buy-in and deeper alignment with the company’s direction. To solidify these connections, consider hosting an “Ask me Anything” session with teams/functions.
- Financial literacy should be viewed as an investment. When our teams feel we are investing in them to understand the financial implications of our business, we send a message that says we value the team, which builds trust.
- Financial literacy is a collaboration catalyst. As leaders, we can politely demand that teams, departments, and functions “work together” and collaborate with some success. However, when teams truly understand the connection points and the “links in the chain,” collaboration can often flip from a push to a pull. The outcomes from that are very strong. Commit to being a storyteller within the organization by sharing where team collaboration made the day.
- Financial literacy will increase team ideation. With shifts in buy-in, trust, and collaboration through financial literacy, we see frontline teams begin to bring forth new ideas and improvements. They ask tougher questions. These ideas make an impact on the business. Innovation from the bottom up is hard to beat!
- Financial literacy creates a shared language. Imagine a team speaking multiple languages trying to build a cohesive, seamless product. How many languages does your organization speak today? Is every industry acronym fully understood across every department? Probably not. And not purposely. However, financial literacy can help create a shared language for and understanding of the business.
Steering the growing company’s ship through sometimes unpredictable seas, the captain’s role is to navigate as well as ensure every crew member understands the journey and the importance of all other crew members. Financial literacy within a team is akin to having a well-informed crew on and below deck. Each member plays a vital role in weathering storms and capitalizing on favorable winds. Turn the often esoteric world of growing companies’ finances into a shared language where every crew member feels empowered and aligned with the collective mission.
Stay relentless!
