Financial literacy isn’t just for accountants and CFOs—it’s a crucial skill for professionals at all levels. Whether you’re just starting out in the wine industry or you’re a seasoned professional looking to deepen your understanding of the financial side of your winery, building financial knowledge can be a game-changer for your career.
In this episode of Expert Talks, Lauren sat down with Mike Mathews, Partner at 2Go Advisory Group, to discuss the importance of financial literacy and how employees can take steps to improve their financial knowledge. Here, we’ll break down the five key strategies Mike shared for leveling up your career through financial education. Watch the full video, or read through the five steps below.
1. Understand Company Financial Goals
A strong grasp of your company’s financial objectives allows you to see the bigger picture and understand how your role contributes to overall success. Mike emphasized the importance of ensuring that financial goals and priorities are clearly communicated throughout the organization. When employees understand revenue targets, budgeting constraints, and profitability drivers, they can make more informed decisions that align with business objectives, and make decisions to move their winery towards financial health.
2. Invite Finance Leaders to Team Meetings
Transparency in financial discussions helps bridge the gap between teams. Mike recommends incorporating finance and accounting personnel into regular team meetings. This creates an opportunity for employees to ask questions, understand financial processes, and see firsthand how financial data drives business strategy. Simple changes—like inviting the CFO or controller to speak at a department meeting—can have a significant impact on financial understanding across the company.
3. Host Lunch-and-Learn Sessions
Making financial education accessible and engaging is key. Organizing informal sessions, such as lunch-and-learn events, allows employees to gain insights into financial topics without the pressure of a formal training session. These sessions can be led by internal finance experts or external professionals, depending on the company’s resources. The goal is to create a comfortable space where employees can learn and ask questions.
4. Encourage Personal Study and Education
Mike highlighted the value of self-driven learning in financial literacy. Providing employees with recommended reading lists, online courses, and other educational tools empowers them to build their financial knowledge on their own time. Companies can support this by offering stipends for professional development courses or hosting internal knowledge-sharing platforms.
5. Measure Progress Through Behavioral Changes
One of the best ways to assess improvements in financial literacy is by observing behavioral changes. Are employees asking more insightful financial questions about cost accounting? Are they taking ownership of their budgets? Are they making more data-driven decisions? These indicators signal a shift towards a financially savvy workforce. Mike encouraged organizations to track these behavioral changes as a way to gauge the success of their financial literacy initiatives.
Overcoming Challenges in Financial Education
Of course, implementing financial literacy programs isn’t without challenges. Some winery leaders may hesitate to prioritize financial education, fearing it could distract employees from their daily responsibilities. However, as Mike pointed out, financial education doesn’t take employees away from their jobs—it enhances their ability to make better decisions within their roles. A key step is to assess where employees currently stand in their financial understanding and then tailor education efforts accordingly.
Taking Action Today
So, how can you start improving your financial literacy today? Consider sitting in on finance-related meetings, taking an online finance course, or simply engaging with finance colleagues to learn more about budgeting and forecasting. Small, consistent steps can lead to a deeper understanding and more confident decision-making.
Resources and Next Steps
For those looking for additional resources, Mike recommends exploring industry-specific financial education programs, online courses, and professional networks that emphasize financial literacy. You can also check out our blog post on the winery accounting terms you should know to get off to a great start. If you have any questions or want to connect with Mike Mathews directly, he’s available to share insights and guidance.
By investing in financial literacy, you’re not just gaining knowledge—you’re positioning yourself as a more strategic, informed, and valuable professional in the wine industry.
For all the Expert Talks videos in one space, and the opportunity to connect with the Experts one-on-one, check out The Punchdown, InnoVint’s online winemaking community.