Category: Budgeting

Willful Blindness

“Willful Blindness” in a business is the conscious act of avoiding the truth, which gives credence to the knowledge of an issue in question, but never resolving the issue. Willful blindness can be at any level of management or on any type of business issue that needs to be addressed and resolved. A business’s willful…
Read more

What Is The Path Forward Into 2021?

What is the path forward into 2021? A strategic plan will make the journey into 2021 easier.

Business Drift

“Business Drift” is a perpetual problem with any business, big or small, in any industry.  In the food and distillery industry it is called “Flavor Drift”.  In business, “Drift” is the act of slowly drifting away from the core business.  This can either be intentional or unintentional.   Businesses that avoid “Drift” are emphatic about…
Read more

The Difference Between a Business Recovery and Business Growth

There are numerous businesses starting to reopen and recover from the past months of slow or no business.  Sales are starting to rise as customers are starting a buy again, both of which are great signs for a business recovery and business growth.  Now let us talk about the difference between a business’s recovery and…
Read more

Chart of the Price Change Between Years for Hotels and Casino Hotels During August 2015 to August 2020

The chart shows producer price index (PPI) data that measure price changes. Percent changes in prices from a year ago are shown for both stand-alone hotels (the gold bar) and hotels attached to casinos (the red bar). Prices began dropping for hotels in February 2020 and the price reductions continue to persist, but hotels attached…
Read more

A Strategic Plan is About Communication

A Strategic Plan is about communicating financial and operational objectives by taking numbers and converting them to words. The reason for Strategic Planning is to implement a plan of action that will make the business’s Vision/Strategic Plan a reality.  Strategic Planning is the actual process of implementing a Strategic Plan that has set obtainable and…
Read more

Evaluating and Operationalizing Short-Term Decisions Made in a Crisis that Have Long Term Benefits

In the past six months, businesses have been making numerous short-term decisions that can have long term operational benefits.  The key is to evaluate and operationalize these short-term decisions to provide long term benefits to the business operations. The fact is that almost all businesses during the past six months have been forced to do…
Read more

A Simple Way to Get Reacquainted with the Business

Recently, I have been having conversations with clients on how they need to get back in touch with what is going on with and in their business.  Below is a simple methodology on how to get back in touch. Sign all the checks the business issues! Yes, it is that simple.  Sign the business’s checks…
Read more

Strategies for Budgeting and Forecasting Due to Extraordinary Events

At any point in time during a year a business may need to revise their annual budget or forecasting models and processes. The Differences Between Budgeting and Forecasting Budgeting is a planning process that is done on an annual basis to help the executive management team define what they want the business to achieve during…
Read more

Chart of Total Privately-Owned Housing Units Started

A housing start is defined as when excavation begins for the foundation of the building.  Home construction is important to the economy as it has wide spread effects on numerous related industries, to include:  banking, mortgage industry, construction materials and land prices. The housing market is being affected by slightly higher mortgage rates, higher price…
Read more