3 Must-Listen Audiobooks to Enhance Financial Literacy for Your Business
In This Article
Regardless of the product or service your small business offers, any entrepreneur would agree that properly managed finances are crucial to setting up and maintaining your operations. A previous post provides tips on better financial management for businesses, from setting up an accounting system through dedicated software to developing an accounting strategy with the help of a professional accountant.
While seasoned accountants can help you evaluate your business’s financial needs, it’s also your responsibility as an entrepreneur to understand how finance works to better manage your cash flow and optimize your business for growth and success. Fortunately, many resources are available that can equip you with financial knowledge and guide you through maximizing the potential of your business. These include audiobooks, which are highly accessible and effective for learning, as explained below.
How Audiobooks Can Help Entrepreneurs
According to the 2024 consumer survey conducted by the Audio Publishers Association, over half (52%) of adults in the United States have listened to an audiobook, contributing to the profitability of the audiobook industry, worth $2 billion in 2023. The report also notes that 38% of American adults included in the survey said that they'd listened to an audiobook in the past year, up from 35% the previous year.
One of the main reasons why audiobook adoption is growing is the convenience of the format. Audiobooks allow listeners to multitask and listen on the go, making them suitable for entrepreneurs who tend to have busy schedules. They're also highly accessible and a cost-effective alternative to buying individual books, as evidenced by the fact that 63% of audiobook listeners are subscribed to a service that allows them to listen to an annual average of 6.8 titles.
A key part of this accessibility is due to platforms that have emerged to meet consumer demand. Super popular digital library Everand has a wide selection of business audiobooks available upon subscription—ranging from trending tips on management and strategy, such as The Strategist by Cynthia Montgomery, to expert-written resources on finance and cash flow. The platform also has features like offline listening and playback control to better match your learning style and equip you with financial skills and literacy as you listen to the audiobooks recommended below.
Top Audiobooks on Business Finance
Finance Basics by Stuart Warner
While the audiobook version of Finance Basics can be completed within two hours, this title is an essential text that contains important information on financial management and reporting fundamentals. Author and financial consultant Stuart Warner guides beginner entrepreneurs through the basics of business finance, from understanding accounting jargon, creating and analyzing financial reports and statements, and building a financially sound business plan appropriate for your revenue, profit, and cash flow.
For small business owners who are new to the processes of accounting, this book is packed with useful information that can help you get started with navigating the intricacies of business finance.
Profit First by Mike Michalowicz
While small businesses are undeniably the backbone of the US economy, about 80% fail after one year, underscoring the need to be financially literate to keep your enterprise afloat. In this case, self-made millionaire and small business author Mike Michalowicz’s Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine provides accounting principles every business owner can learn from and adopt.
Among these are basic but effective financial practices like guaranteeing your profit by taking it out of your deposits before paying expenses, which can subsequently encourage you to organize your finances more responsibly.
Financial Intelligence by Karen Berman and Joe Knight
Small business owners tend to wear many hats. Many entrepreneurs are not only the founders of their businesses but also their accountants, sales directors, and managers. Thus, the insights from Financial Intelligence: A Manager's Guide to Knowing What the Numbers Really Mean are particularly relevant. This audiobook discusses tips that will help you understand how to utilize financial data, as well as guides that can help you better understand the nuances of your business' numbers to better strategize for your growth.
Narrated by Tom Zingarelli, this book is packed with relevant, real-world cases and examples that have a ton of helpful insight. The writing is also kept accessible and jargon-free, allowing you to maximize learning without confusion.
If you enjoyed these recommendations, supplement your audiobook listening sessions with Money Talk With Tiff, an award-winning and top-rated podcast on personal and entrepreneurial finance.
