In this course, Mr. Raymond Winder emphasizes the importance of money management from the perspective of a seasoned accountant and former Managing Partner of Deloitte & Touche. Mr. Winder is also the former President of Commonwealth Bank Ltd. He currently serves as the Chairman of the Board of Famguard Corporation Ltd.
Mr. Winder shares that a key to achieving financial success is managing and accounting for the costs associated with starting a business. He believes you should keep your costs as variable as possible and avoid as much fixed cost as possible. He believes that revenue should drive expenses, rather than the other way around. He advises that some of the most profitable businesses, as a group, are those that work from home. He urges business owners to remain as flexible as possible to capitalize on as many opportunities as possible.
Although business is exciting, and many want to be in business, Mr. Winder shares that not everyone is cut out for it. Furthermore, he asserts that many individuals will earn more money as employees than as entrepreneurs. He stresses that you must be self-aware and stay in the lane for which you are most suitable. Entrepreneurship requires sacrifice, both monetarily and personally, so 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 set aside money to keep themselves financially afloat while their businesses are launching and in the early stages. He uses the biblical story of Joseph as a model, teaching the principle of saving when things are good so that your company can survive shifts in the market and economy.
Mr. Winder believes relationships are critically important in business and implores business owners to build relationships with people who can help them. He shares personal stories of how he witnessed the importance of relationships and encourages entrepreneurs to form solid relationships with their clients and employees alike. We hope this course provides you with key insights into money management and gives you a solid foundation to grow your finances!
Course Information
Course Instructor
Free
This course is our special gift to you for joining our learning community!