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CPA-FIJI Speaker Highlights Vitality Of Understanding Your Own Business

CPA-FIJI Speaker Highlights Vitality Of Understanding Your Own Business
Participants at the CPA congress at the Shangri-La's Fijian Resort and Spa on Yanuca Island yesterday. Photo: WAISEA
September 15
11:31 2017

 

Do you know how your business makes money?

This was the question posed by James O’Brien to the accountants and executives at the CPA Australia-Fiji Branch 2017 Congress yesterday.

Speaking on the topic ‘Why CFOs need to start thinking like the CEO,’ the Founder and Director of CFO Accelerator, said it is important to understand your business in order for it to succeed.

It is important to know where the opportunities are for you to grow, he said.

“We need to understand how the business works and how it makes money.”

Understanding the significant restraints and the ways to solve the issues for the success of your business and also the understanding of the core components of the business and how it runs is a must, he says.

The sustainability of a business is determined from its profitability.

This is the way we can identify if our business is growing and is successful, he said.

But first he said it is important to model personal growth and awareness.

“We are not going to be as successful as we need to be if we are not personally aware of the business and ourselves.”

This is where everyone should start from, CFOs, CEO, etc. There needs to be self-awareness and continuous learning, said Mr O’Brien.

“Too often we see people lacking personal awareness.

“We need to identify which areas we have gaps in and the learning application to address that.”

Among other points  that Mr O’Brien highlighted were a few components that CFOs need to pick up in terms of personal and business growth.

One important component is build the right team.

“We constantly need to be looking at and renewing our own team working co-actively and having plans to ensure you are building the right team,” he said.

He added that the driving results are to have the executive vision, influencing others into the business, using your communication skills, foster innovation and encouraging excellence which are also very important for business people to develop their business.

The last point that Mr O’Brien highlighted was the importance of developing positive relationship and customer focuses. If there is no customer focus the person is likely to be out of the business, he said.

The annual congress will end today at Shangri-La’s Fijian Resort on Yanuca Island.

Feedback: selita.bolanavanua@fijisun.com.fj

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