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…
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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…
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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…
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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…
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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…
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Salespeople are important to a business’s growth and success, but it is even more important for a business to manage, measure and compensate salespeople’s performance. First – the best way to compensate salespeople is on gross margin. Salespeople that are incented on gross margin sell the business’s products for the best price and at the…
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Executives often talk about the business’s revenue growth, but fail to focus on the profitability of the business. Over time there have been many businesses that have grown themselves right out of business by just focusing on revenue growth. Revenue growth is a wonderful thing for any business, but revenue growth at the sacrifice of…
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Budgeting: Is it worth the time and effort? Simply stated – businesses should be budgeting for annual business plans, special projects, capital equipment purchases, new product development and more. Businesses that fail to budget have no defined plan to project growth, manage and judge the performance of the business. Lack of any kind of budgeting…
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by Daniel R. Siburg, CPA, CVA A budget on the back of a napkin is better than no budget at all. Even the simplest of budgets will make management think about the coming year’s future direction and performance goals for the business. Budgeting Helps the Business Look Forward to the Coming Year Budgeting is important…
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By: Daniel R. Siburg, CPA, CVA Basic Assumptions Related to a Business Decision Executives base major financial business decisions on a series of assumptions most often centered on risk and cost. For a new line of goods, risk factors include projections, such as, “The new product line will grow at X rate.” Or, if a…
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