A budget is one of the most important documents your company will produce this year: no other document has as much potential to keep the organization on track and translate your vision into reality. The most important contribution your executive team will make to the company is planning for its future. The budget is a critical step in that planning process. Too often employees preparing the budget are isolated. What we need is all key areas working in concert with one another.

Read More…

The fear of ongoing fees that don’t yield high returns prevents many companies from capitalizing on the investment they make in their advisors. Think about how much your consultants have learned about your company, industry, stakeholders and business processes. They give the owner and business leaders an unbiased and independent business perspective that can’t be found within any stakeholder group. The challenge company leaders face is how to leverage the asset (consultant) they have developed with high return future work that far exceeds the cost.

Read More…

Financial information is the foundation for excellent planning systems.

In just about every business, information is a key factor to success. Information needs to be accurate, available and timely. Imagine for a minute you are a fashion designer. Wouldn’t it be useful to know that the hot color for spring is purple before you cut, sew and ship your whole collection of green and yellow shirts? The same holds true for any business. One of the most important pieces of information needed, regardless of whether you are a manufacturer or service company, is financial information about your company. Accurate and timely financial reports allow you to make accurate forecasts, plan ahead and make adjustments quickly. They allow you to confidently approach customers, vendors and investors with proposals that will make your business better. Internal improvements will also come easier and accelerate in number.

Read More…

Economic progress is slowly ebbing along, more sideways than upwards. The stock market rally has given us a sense of hope that things are turning around, yet economic growth has been relatively flat for some time even though the unemployment rate is near all-time lows. This article was first drafted in the fall of 2011. It’s amazing that after a decade we find ourselves in a similar economy. You’ll recognize the parallels to our situation today. The remedies outlined at the end of the article are still highly relevant in today’s economic environment.

Muddling through - Mixed signals in the economy make decision making difficult for manufacturers.

It’s clear as mud.

Read More…

For many companies, asking for investor dollars can be intimidating: after all, it requires a company to parade itself—exposing some of its most confidential information: its strategy, customers, financials and operating practices — to outsiders. But bringing in a consultant early will help you identify the gaps and weaknesses, as well as hidden strengths, before the investors get the chance. Forewarned helps you get forearmed when it comes to raising capital.

Read More…