training in all departments
How do family businesses prepare the next generation to take over? Early in my career, I worked at a publicly held gas pipeline company. Management identified newly hired “stars,” and they would be put on a fast track, spending each of the next 4 years switching from one department to another, allowing them to learn all about the company, from the view of each operating department, from marketing to HR, from business operations to accounting. Though they didn’t become experts in any of these areas, they learned the impact of each department on the company overall. If you are an
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CFO spelled out using image made from US dollar
In many companies, people are concerned about the pecking order. Who has the most power, the most pay, the most responsibility? Over the years, I’ve become less concerned about those ratings. My interest is always in who has the most information. Because the old cliché is true – Information is Power. But for the context of this article, information is the source of decision-making. It is information that brings people together, that draws people to that office down the hall. Who is it that possesses the information that drives the company forward? Who is the person that has the power
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Companies run into trouble from time to time. But why do some companies survive those troubles and others don’t? To me, there are two issues. First, it’s knowing when to ask for help. Second, it’s being willing to follow the advice that you’re given. But not everyone waits till they’re in trouble to ask for help. I remember getting a call from a business owner who said he was doing pretty well, he just wanted some help because he “didn’t know what he didn’t know.” Sometimes I meet with companies that are in a different situation. They have waited so
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KPIs, Key Performance Indicators, are an important way for any manager or business owner to keep track of how he or she is doing. Remember one key point – If you don’t measure it, you can’t improve it. Which KPIs should you use to determine the success of your business? It would be nice and easy to tell you the six (6) most important KPIs for your business. The problem is that each business is different, and to make the decisions more difficult, each business owner has different goals. So how do you determine what KPIs are the ones that
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You created your budget last fall, and you were relieved that you completed the task. You don’t need to worry about it for another year. But what is the reason that you created the budget? If it was just to put a target on your company’s back for this year, then you are missing the opportunity to have another planning tool at your fingertips. Let’s look at three major areas of your budget to see how it can help you through this next year. Revenue and Gross Margin There are a lot of factors that go into your revenue numbers:
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