I was not a good accounting student in college.
It didn’t resonate.
Couldn’t connect it to the real world.
And, I can remember the first time i was exposed to a p&l (profit and loss statement) as a manager.
I was bewildered.
But over time I learned what the numbers meant.
...how they related to decisions i was making.
...how I could make decisions that would move the numbers and metrics on those statements.
Building an understanding of the underlying business may be one of the most important, underlying skills for a #customersuccess leader.
It will enable you to be a partner to your leadership team in building the business.
So how do you get up to speed?
Two suggestions:
1. Read the book Financial Intelligence as a quick primer (I’m on a book kick this week..)
2. Talk with your CFO or VP, Finance. Ask questions such as:
- How are CS coats counted in our company?
- When does a new customer actually turn into revenue for the business?
- What is the impact is our retention rate having on our growth rate?
Every Finance person I’ve ever met was willing to help me understand when I took an interest in their world.
How are you developing your financial a understanding, and how has it impacted your career? 👇
