A company’s top management positions, the C-suite, require numerous unique skills and strengths to be effective leaders—financial literacy being a key attribute for success in these roles. As it stands, there is a gap in knowledge among women C-suite executives in this area. When filled, they are empowered to lead with authority, make informed decisions, and work toward sustainable business strategy.
The Importance of Financial Literacy Among C-Suite Executives
Women are steadily gaining deserved equal footing in the workplace, but as anyone steps into new financial conversations, they must be well informed. Financial literacy drives success in business, providing an understanding of how to implement data to improve leadership strategies, approach problems with confidence, and make a real impact.
When someone takes an informed approach to business through financial literacy, they are able to recognize where their personal strengths, and those of the business, lie. With this understanding, a financially literate leader can easily and accurately identify areas for improvement and growth, leveraging financial insights concerning profit, budget allocation, and sustainable growth.
It is important to note that very few people are naturally financially literate, there is a learning process to any skill. However, women in leadership roles can face significant pressure to avoid admitting gaps in knowledge lest they fall victim to stereotypes of weakness or lack of qualification for their role. Regardless of who you are, recognizing where you need support should not be considered a sign of weakness. Don’t be pressured to avoid asking for advice on developing certain skills, but acknowledge that support will make you stronger moving forward.
Cassie Young and “On the Business”
On the Business is Cassie Young’s response to the knowledge gap among C-suite executives. Extending from her experience as a general partner at Primary, Young founded this new company to embark on a mission to help women in C-suite positions at SaaS companies build their financial literacy skills. She does so by creating a safe space for women to discuss the challenges they face in their work and providing them with possible solutions—namely, the knowledge necessary to continue growing in their field.
The program offers three key elements for growth, which include the following:
- Financial Literacy Workshops: These sessions are at the core of On the Business’ mission. In a given workshop, participants read financial statements, analyze performance metrics, and identify profit drivers in an environment where they can afford to make mistakes. This way, they develop confidence alongside the financial literacy skills necessary to find greater success in their role.
- Peer Support and Networking Opportunities: The environment created in an On the Business workshop is perfect for connecting with peers in a collaborative setting. Leaders can feel isolated, especially women, but these workshops create networks that persist beyond the conclusion of the program. This way, executives can share insights and experiences even beyond the workshop.
- Hands-On Learning: On the Business uses real-world SaaS examples for participants to practice. These develop skills that can be applied to their work immediately, ensuring that everyone learns something from their participation in an On the Business workshop.
Skills That Break Barriers
Above all, the skills provided by programs like On the Business are primarily intended to build confidence and self-assurance. Financial literacy is, of course, essential to success in the C-suite, but confidence is something that extends beyond the confines of a business environment.
Confidence is key to success and ensures that women leaders feel more comfortable exercising their authority and asking for help when needed. Confident in financial literacy and each other skills they possess, women are empowered to build the future of leadership while inspiring others to do the same.
