The Nexia NZ team of Philip Goodman & Jane Jackman presented the first of their Director Deep Dive sessions yesterday. This was in partnership with the Canterbury Branch of the Institute of Directors, who we proudly sponsor.
The topic was Mastering Financial Governance – Understanding the Numbers. Our team discussed the insight they have had as a Director, and a business coach, helping and advising stakeholders to better understand what the numbers are saying.
Jane Jackman covered the importance of pre-board planning, avoiding ‘group think’ and having the confidence to speak up when the numbers don’t look right. Philip Goodman gave some good insight into accounting fundamentals including key analysis terms and ratios that are critical in any organisation, he also introduced a number of important questions to ask when looking at the financials of any organisation.
Jane and Philip also went through a scenario, giving the attendees the opportunity to see how this knowledge works in a real Board situation. A key message to all Board members is that understanding the numbers is crucial to being able to make well informed, timely and effective decisions.
We have another ‘Deep Dive’ Session at Nexia House next week (IOD Events Page), which is sold out. If you think this is something that could help you in your governance role, touch base with the IOD, with enough interest we could run another Deep Dive session later in the year.
If you are also looking for someone to add some financial strength to your Board, or you would like some mentoring on how better to understand the numbers, then get in contact with the team at Nexia New Zealand.
Picture (Left Mike Killick, Philip Goodman, Jane Jackman, Nick Carter).