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5 Reasons to Hire a Fractional CFO
Almost every for-profit company in the world shares at least one thing in common: the desire to improve profitability. Nearly every nonprofit organization has a desire for additional resources to expand it’s mission. Often, however, a lack of in-house financial expertise can keep organizations of all sizes, industries and ownership types from reaching their goals. Although they realize the need…Read More -
Cost Management: A Budget’s Best Friend
If your company comes up over budget year after year, you may want to consider cost management. This is a formalized, systematic review of operations and resources with the stated goal of reducing costs at every level and controlling them going forward. As part of this effort, you’ll answer questions such as: Cost management can help you clearly differentiate activities…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 -
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 -
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 -
Microsoft ERP Software: Yesterday, Today and Tomorrow
At a certain point, most growth-oriented companies decide to invest in ERP (Enterprise Resource Planning) software. ERP is software which integrates various business functions into one related system to streamline processes and information across an entire organization. It is a shared database which can tie in manufacturing, inventory, purchasing, sales, accounting, HR, etc. Reasons a company decides to invest often…Read More -
Growing a Happy, Productive Workforce in a Distracted World
Distraction and disengagement has become a cultural norm. We live in a world of distractions and disengagement. There is no end to the things we’re led to worry about, with digital devices exacerbating our worries and distraction just as quickly as they provide opportunities to learn, connect and solve problems. The cost of distraction is high in every arena.…Read More -
For Best Results, Start Your Strategic Planning Early
Time flies when you’re having fun — and running a business. Although it’s probably too early to start chilling a bottle of bubbly for New Year’s Eve, it’s certainly not too early for business owners to start doing some strategic planning for next year. Here are some ways to get started. A good place to find inspiration for strategic objectives…Read More -
Capitalism Evolved: A New Understanding for 2019 and Beyond
Recently, members of The Business Roundtable – nearly 200 CEOs of major U.S. corporations – released a statement indicating: “We share a fundamental commitment to all of our stakeholders …we commit to deliver value to all of them for the future success of our companies, our communities and our country.” This statement was in contrast to prior Roundtable statements which…Read More -
4 Tough Questions to Ask About Your Sales Department
Among the fastest ways for a business to fail is because of mismanagement or malfeasance by ownership. On the other hand, among the slowest ways is an ineffective or dysfunctional sales department. Companies suffering from this malady may maintain just enough sales to stay afloat for a while, but eventually they go under because they lose one big customer, or…Read More -
Adapt Hiring Challenge!
The last time unemployment was this low, gas was 35 cents a gallon, the US had just landed on the moon, The Beatles played for the last time in public on the rooftop of Apple Records, and some people reading this article had recently enjoyed a groovy time at Woodstock. We continue to face the lowest unemployment rate in 50…Read More