In this course, Mr. Raymond Winder focuses on the importance of money management from the perspective of a seasoned accountant and former Managing Partner of Deloitte and Touche. Mr. Winder is also the former President of Commonwealth Bank Ltd.
Mr. Winder shares that a key to achieving financial success is managing and counting the cost of going into business. He believes that you should keep your cost as variable as possible and stay away from as much fixed cost as you can. He believes that revenue should drive cost and not have cost driving revenue. He advises that some of the most profitable businesses, as a group, are those who work from home. He urges business owners to remain as flexible as possible to take advantage of as many opportunities as they can.
Although business is very exciting, and many want to be in business, Mr. Winder shares that not everyone is cut out for it. Further, he asserts that many will make more money as an employee than as an entrepreneur. He stresses that you must be self-aware and stay in the lane that you are most suitable for. Entrepreneurship requires sacrifice both monetarily and personally, and you must be prepared for the difficult times.
Mr. Winder warns that getting a bank loan is not always the best way to raise capital for your business and gives thoughtful reasons why. He also urges entrepreneurs to have money set aside to keep you financially afloat while your business is launching and is being developed. He uses the biblical story of Joseph as a model, to save when things are good so that your company can survive when there are shifts in the market and economy.
Mr. Winder believes that relationships are critically important in business and implores business owners to build relationships with people that can help them. He shares personal stories of how he witnessed the importance of relationships and encourages entrepreneurs to build solid relationships with their clients and employees also. It is our hope that this course provides you with key insights into money management, and gives you a solid foundation to grow your finances.
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