This week’s Mighty CEO Squad session is all about Finance & Impact— here are some resources to help you dig deeper with your child.
What your CEO will be learning about this week:
This week we’re joined by Ryan Devlin, co-founder of This Saves Lives, a thriving social business that sells snack bars and uses the proceeds to distribute live-saving nutrition packets to children in need. Ryan will break down where the money goes when a customer spends $24 on a box of bars, what their costs of doing business are, and how they maximize the money that goes toward their social mission. CEOs will learn about the difference between revenue and profits, cost areas to consider as they grow, and how they can think about supporting a social cause with their earnings.
Three ideas to dig deeper into Finance & Impact with your CEO:
#1 Ask them about their goal
We encourage you to talk to your CEOs about the goal that they set when they launched their business (you can see that here) and support them in shaping this into a SMART goal (specific, measurable, attainable, relevant, and time-based). We find that the CEOs who are most successful start with a very specific goal under $100 to purchase something or donate to something they are very excited about.
#2 Send your CEO on a Mission to calculate their Revenue, Costs, and Profits
Understanding the difference between revenue and profit is a critical skill for CEOs. Our Mighty Coaching team made this video to explain. Bonus: this is a great opportunity to present a real-life application of math concepts like division and percentages.
#3 Go on a Finance Field Trip
Consider bringing your child along on your next trip to the grocery store and looking at prices together. What part of the sales price do you think is going to cover different costs at the company? What do you think is left over as profit and the company gets to keep?