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What Makes for a Good Nonprofit Strategic Plan?
A recent Wall Street Journal opinion column by Auburn University at Montgomery professor Wyatt Wells opines that strategic plans are a waste of time. You can read that column by clicking here. It would be easy to discount Wells’ diatribe since he is “only” a history professor. And yet, he makes some salient points. From his perspective strategic plans are…Read More -
3 Key Traits of Every Successful Salesperson
Take a mental snapshot of your sales staff. Do only a few of its members consistently bring in high volumes of good margin sales? An old rule of thumb says that about 20% of salespeople will make 80% of sales; in other words, everyone’s not going to be a superstar. However, you can create performance management standards that raise the…Read More -
Bridging the Gap Between Budgeting and Risk Management
At many companies, a wide gap exists between the budgeting process and risk management. Failing to consider major threats could leave you vulnerable to high-impact hits to your budget if one or more of these dangers materialize. Below are some common types of risks to research, assess and incorporate into adjustments to next year’s budget. Competitive. No business is an…Read More -
Are You the Strategic Thinker You Want To Be?
As more organizations emphasize the importance of strategic thinking among all of their leaders, the desire to develop this skill is voiced with increasing frequency by individuals seeking coaching. One helpful article I recently read focused on the topic. How To Master Strategic Thinking Skills In 5 Simple Steps provides a simple and quick way for coaches to think about…Read More -
4 Tips for Successful Co-Manufacturer Management
Oftentimes a start-up or lower middle-market company will have its product made by another company, usually a larger, specialized manufacturer. In many consumer packaged goods categories this use of a Co-Manufacturer is quite common. As both a former Co-Manufacturer and customer of Co-Manufacturers, I can appreciate the complexity inherent in relying on production assets that are out of your direct…Read More -
Is Your Business Plan Up To Date?
Every new company should launch with a business plan and keep it updated. Generally, such a plan will comprise six sections: executive summary, business description, industry and marketing analysis, management team description, implementation plan, and financials. Now, ideally, you would comprehensively update each section every year. But if the size, shape and objectives of your company haven’t changed all that…Read More -
Social Media and Your Brand: 3 Ways to Mitigate the Risk
Warren Buffet famously said, “It takes 20 years to build a reputation and five minutes to ruin it.” Every day, social media users confidently reply, “Mr. Buffet, hold my beer.”
Business leaders have learned that social media can be a great platform to market your brand and reach your target market with relative ease. Wise leaders are also aware that…Read More -
Are Employees Assets or Expenses?
How does your company report on its human capital? This Harvard Business Review article challenges the traditional approach that I was taught, and that I see practiced by most companies I interact with. Generally speaking, there is a significant gap in the way that companies share this information, if they do at all. “This lack of reporting on human capital…Read More -
NonProfit Boards and Power Imbalances
The stories in this article from The Chronicle of Philanthropy about NonProfit board members misusing their power ring all too true to me. Throughout my career, I have witnessed many effective nonprofit boards of directors working in tandem with the organization’s CEO/executive director and staff fulfilling their respective missions. Then again, I have also witnessed many boards that are ineffective, indecisive,…Read More -
Fahrenheit Executive Shares Expertise in Private Equity Podcast
Fahrenheit Advisors Managing Director, Jonathan Brabrand, recently recorded a podcast episode with MacLaurin Group. During the podcast, Brabrand reveals the steps a business owner can take to make their businesses more attractive for private equity investment. We also learn Brabrand has an exit strategy book in the works! Learn more here. Fahrenheit Advisors is a full-service advisory firm that helps…Read More -
Balancing Supply & Demand – the Importance of Forecasts
Early in my career, I managed the Demand Management process for a food processor. Our primary business was private label production, so we had a large number of SKU’s. Trying to forecast them all not only added up to a tremendous amount of (I suspected non-value-added) work, but the demand for some of the items was sporadic which made the…Read More -
Fahrenheit Executive Comments on Cybersecurity Risks for Middle Market Growth Magazine
Laura Bacon, Managing Director at Fahrenheit Advisors, recalls that IT was a much simpler matter when she first began doing M&A transactions. She goes on to share that while IT processes and cybersecurity protections have become much more thorough, one factor remains unchanged: human error is often at the root of breaches. Want to learn more? Read How Middle-Market Companies…Read More