Dr Biplab Pal, Baltimore MD
Running a successful business, whether it’s a $10 million or $100 million operation, often involves expert Chartered Accountants (CPAs) to manage finances. But relying solely on your CA/CPA for all the number-crunching is a huge mistake.
Successful businesses constantly optimize in five key areas:
- **Marketing & Sales**:
Understanding numbers helps you target the right audience and optimize campaigns. - **Operations**: Efficient operations depend on precise calculations for productivity and resource management.
- **Logistics & Supply Chain**: Minimizing costs while maximizing efficiency requires sound numerical analysis.
- **Risk & Investment Analysis**: Decisions about where to invest and what risks to take are deeply rooted in numbers.
- **Customer Retention & CRM Analysis**: Keeping customers happy and engaged is all about understanding data trends.
Except for operations, CAs don’t handle these aspects—they are often managed by business analysts. So, why should a CEO or business owner understand these areas if they’re hiring analysts anyway?
I met a young man from a four-generation business family on a flight from Delhi to Dubai two years ago. He was heading to Wharton, one of the world’s top business schools. His family already employed MBAs from IIMs, yet he was pursuing further education. This isn’t uncommon; many children of established business families pursue higher studies abroad. But why?
The answer is simple: even if you hire the best CAs or MBAs, you are their manager. How will you evaluate their performance or push for the best results if you don’t understand the basics yourself? Top business families understand this and invest heavily in their children’s education, ensuring they learn advanced business math and analytical skills.
Sadly, many still underestimate the importance of math in business due to a lack of exposure. This is why we have started offering business math classes tailored for young entrepreneurs from business families. Today, with AI tools, mastering these skills is more accessible than ever.
If our community wants to thrive, we need smart entrepreneurs who are not just reliant on their team but are also equipped with the knowledge to lead effectively.
If you’re interested in elevating your business skills, reach out to us. Our classes will start soon, and we’re here to help the next generation of business leaders excel.
( Dr Biplab Pal is a technology Entrepreneur and adjunct Professor in Information System at University of Maryland in Baltimore County. He has authored many books on AP Mathematics which are available in Amazon :https://www.amazon.com/stores/author/B09WDGDT89 ).
