Can You Fake It Till You Make It in Finance? | Ep 151
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Jan 27, 2025
Jump into the challenges of stepping into leadership roles where financial fluency is key. Discover why relying on 'faking it' in finance can backfire. Gain insights on mastering financial statements and the four levers of profit. Explore free resources designed to boost your financial literacy with over a hundred video lessons. This discussion highlights the essential connection between finance and strategic decision-making to drive business success.
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volunteer_activism ADVICE
Don’t Fake Financial Competence
Avoid trying to 'fake it till you make it' when reporting financials or leading with P&L responsibility.
Learn the fundamentals so you don't sound uninformed in finance meetings.
question_answer ANECDOTE
Early Founder Without Financial Literacy
Steve started his first company at 16 and grew it to a multimillion-dollar business without understanding financial statements.
He relied on grit and heroics while his accountant sent financials he couldn't interpret.
insights INSIGHT
Pricing Is The Biggest Profit Lever
Pricing is the largest lever of profit and small price changes massively affect margins.
For a typical company, a 1% price change can alter profit by roughly 12% while 1% volume growth affects profit by ~4%.
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Ever felt the panic of being promoted into a leadership role, only to realize you're expected to speak fluently in the language of numbers? You're not alone—and you don't have to wing it.
In this episode of BYFIQ, discover why "faking it till you make it" is a dangerous strategy in finance. Steve shares personal stories, practical insights, and actionable tips to help you decode financial statements, master the four levers of profit, and connect finance with strategy to drive results.
Don’t miss this chance to transform your financial literacy and crush it in your career.
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Strategy Meets Finance