Terry's Articles & Media

First Direction

Alignment of business goals with the actions needed to achieve those goals are essential to an organization’s success. Have you defined the expectations clearly? Can your employees talk about the company’s Vision and Mission as well as the company’s core values? Why is that important? First is the importance of goal clarity. It is essential…

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Then Velocity

In my last blog entry we talked about getting the direction set for the company. Vision, Mission and Business Planning coupled with a detailed financial plan/budget with metrics help the C.E.O. set course for his organization. But now that we have set the course, how do we add velocity? 1) Tactical planning – This is…

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Profit Improvement Process

When our firm was updating the services we provide, I was asked to author the area of profit Improvement. I am going to publish elements of that discussion over the next few weeks. Profit improvement requires a comprehensive analysis of the income statement starting with revenues, understanding and reducing the cost of producing those revenues…

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The Profit Improvement Process Part II

Analyzing the Cost of Revenues Proudfoot Consulting, a global consulting group, says it this way: “All work is a process and all processes can be analyzed and improved.”. They believe that operating costs contain waste in excess of 30%. Additionally, some quality consultants have identified up to an additional 30% in cost reductions through improved…

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The Profit Improvement Process Part III

Analyzing General, Administrative, Sales and Marketing Expenses The final areas to look at are the company’s General, Administrative and Marketing expenses. A line- by- line look at this area can also result in significant profit improvement opportunities. To mention a few: 1. Telecommunications costs can significantly be reduced over time. These costs are competitive and…

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Bullet Proof Your Business

Strategies for Thriving in a Down Economy One of the uses of the term “Bullet Proof” is when you train a horse not to buck and bolt at the sound of gun fire. In the outdoors, a horse that is steady when the rider is firing his gun, perhaps at something preying on live stock…

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Dashboards

What are they and do I really need one? You are driving down the road behind the wheel of your car. How fast are you going? Do you have enough fuel! Are you headed in the right direction? How is the engine performing? Is the engine’s temperature & oil pressure OK? Are there any warning…

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Faqs Of A C.E.O. About Chief Financial Officers

C.E.O.s have a different perch from which they view the world around them. This highlights some frequently asked questions (FAQs) of C.E.Os about their strategic partner, the C.F.O. and will provide some guidance with the answers. Question: When do I need to consider hiring a CFO for my business? Answer: Now, every business needs a CFO and…

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Succession Planning Where Do We Go From Here

When considering succession planning for a closely held business there are a number of interrelated issues, such as: A) Is it a family operated business? B) Are you the Owner actually the business? C) What area besides Sr. Management may require a succession plan? and D) How do you identify & qualify successors? Family Owned…

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Finding Cash In All The Wrong Places 663

Most if not all businesses of any size can always use more cash. I am fond of saying “Even General Electric rations capital!” Why, because cash is a finite resource and cash is required to invest not only in the future of the business, but also to meet current obligations. However, where do we “Find”…

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