KPI’s, Key Performance Indicators, can change based on what management is looking for our in their performance. The consequence of focusing on certain performance indicators can easily cause a business owner to get more granular in their focus or the positive result in a management change in another. Here’s two stories of how this might…
I’ve been working with a client for several years now that wasn’t managing their close rate on sales and what their average transaction size was. They purchased a sales tracking software and started tracking their closed won sales and the size of each transaction. At first, it was hard to get their sales people to…
Your first quarter just ended. How was it? Any changes going on in your business? It’s easy for a business to do no analysis at all and assume whatever happens just happens. Others have spreadsheets ad nauseum and really can’t draw any meaningful conclusions. I call this paralysis of analysis. If you feel like you’re…
You may have already put the finishing touches on your 2018 forecast. However in case you haven’t, here are a few things you need to know: 1. Look for tendencies in your forecasting to gain insights on things you can do to improve this year. Did you overestimate revenue and profits? Maybe you were a…
It’s that time of year again when we begin to close the books on the year and look ahead to what the new year might bring. The assumptions you use are critical to your profit and loss and balance sheet forecasts. This is especially true if you will use these projections to attempt to obtain…
Growth always requires cash. Why? Many business owners are seeing a rapid increase in the demand for their products and services. The additional revenue, while good, can be a mixed blessing because it cost money to ramp up production if you manufacture or ramping up people if you’re in a service business. The added revenue…
One of my mentors told me a long time ago, “the path of least resistance is what makes men and rivers crooked.” This is true when it pertains to getting a line of credit for your business. Sometimes our path of least resistance is obtaining a line of credit from a bank. Other times, there…
I had the privilege of speaking with a group of investments managers last week. One of the points I emphasized was that most business owners are terribly undiversified and the largest asset they own is the investment in their closely held business. To make the diversification worse, the business is also the sole source of their…
We’re ending a four part series on how Strategy, People and Processes affect your bottom line. Today we’re going to talk about how execution affects your bottom line. Unless your business is totally automated with robotics, it will be people executing your business plan. There will come a time when your business may struggle to…
In our past two articles, we’ve talked about how processes and people impact your bottom line. This week we’re going to talk about strategy. It will actually fit nicely in to what we’ve talked about the past two weeks because people execute strategy and there are processes required to execute it correctly. Here are 4…
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