Most people should be intrigued by this offer, particularly when they hear that this process often only requires little or minimal capital expenditures (CAPEX) investment. Here is how you can move both your top line revenues and bottom line growth from just OK to Great!
Here is how it plays out. During my discussion with BK, I replied, it sounds like your business operating results and supporting systems are OK, but not as good as they would be if you made some basic changes.
How familiar does this sound?
Let us talk about where you are now, what organizational bliss would mean to you, and how to get there. You know where you want to be this year, and may have a specific vision of your 3 and 5 year goals.
What I suggested to BK, and possibly suggest to you, is:
1. First, look at which parts of your organization can build on strengths or accelerate opportunities underway.
2. Second, decide which of those areas would benefit from a financial and accounting checkup. Examples to review could include financial statements, operating reports, unit level reports, cash flow projections, budgets, strategic plans, and long-term financial planning. After all, if accurate and speedy management and operational information is crucial to grow revenues and net income after taxes, improving those tools often can be done at limited expense.
3. Third, pick at least one area in the second step and get started. After all, great ideas which never get implemented by one company sometimes become a competitive advantage for a competitor, who actually uses the best practices.
Now, consider targeting a result which at a minimum pays for any cost of these improvements over 1 to 3 years. Since a 3 year payback is at least a 33% return, most companies struggle to find such a level of return on expensive capital expenditures payback submissions.
It is important to note that most of you would accept moving from OK (a pretty unhappy place to be for most leaders) to at least good enough. If so, be pleased that this strategic update or operational management review may be quite simple to accomplish.
But, you can do even better and be surprised when you invest a little more time and money off-site with these questions in order to spotlight at least one action to take with a potentially lucrative ROI.
If unsure whether your organization has the facilitator or moderator needed for this process, look around.
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