Like many professionals today, you may often be asked to influence in situations where you lack formal authority. Results in these situations will be achieved only with the willing cooperation of others. In other words, your success is interdependent with others. People may or may not choose to act interdependently. This creates both a challenge and an opportunity for informal leadership.
Enjoy this series of shorts on Cash and Bankers from Jim.
Time is the most expensive and elusive capital that businesses have. Often it’s spent on the wrong things, or wasted on big things that could have been exploited sooner and cheaper. What all businesses need is a time accelerant—and all have just that available to them but few see it.
I recently wrapped up yet another significant fraud examination for a small business client who trusted her bookkeeper infinitely. Sadly, all too often, the thief in your company is just that – the person my clients keep closest. Someone in their inner circle. Someone they keep company with. All the red flags were there. The client could not get basic financial reports from her bookkeeper. The bookkeeper’s lifestyle did not match her income. Answers to basic financial questions were met with plausible explanations, but no documents or proof. Why would they be? After all, the bookkeeper was infinitely trusted.
The majority of middle market companies started as small, conservative enterprises. Your employees may still wear several hats and perform multiple tasks within the organization. It may be just fine for a small business to have their receptionist double as their accounts payable clerk, but if you plan to grow your business, you will need an accounting and finance department that can keep up and protect your company.
If you could increase your income, would it solve a lot of problems? Focusing solely on income is a trap and could put your business at risk. It’s not what you make, it’s what you keep. - Joe Connors, Vice President Relationship Banking Officer
