Journey To My Master’s

To be honest I expected this month's class to be a bit intimidating after so much personal  time off. The thought of a finance class  really had me reconsidering the whole online approach. The first lecture did a good job setting my mind at ease as the instructor did a phenomenal job breaking down the content into manageable sections. 

The deep dive on annual reports for publicly traded companies was especially helpful in understanding the financial health of an organization. It was really insightful to see the devastating effects of Covid-19. The pandemic literally caused many successful businesses to come to a screeching halt. Having contingency plans and strong financials was the only thing allowing most to weather the storm. It will be interesting to see how the organizations continue to rebound as the business world reopens. 

Understanding the opportunity cost in every business decision and the potential ramifications of each decision, is not something that I gave much thought to prior to this month's lesson. Asking yourself not only what's to gain, but also what's to lose will prove an effective consideration in any important decision. 

The pro forma financial statement was also an area of interest this month. Many times in starting a new business, it's easy to overlook important financial details. I can recall when I started my business and the number of incidental expenses that were not planned or budgeted for. The use of the financial statement would have eliminated a number of the unplanned expenses and allowed for proper budgeting.

In summary, strong financials are the cornerstone to any successful business. I expect the content from this month's lessons to strengthen my own business knowledge and understanding in the area of finance. I look forward to implementing these fundamentals in the operation of Four Kings.