fiscaldoctor

Updated from the vault – suggestions on how to restart in a way to make more money (a topic near and dear to a FiscalDoctor’s heart)

A lot of conversations seem to ask HOW to grow revenues. Note that statement did not say grow revenues profitably. You assume it means profitably. But consider this point. Do your people hear grow revenues (and forget the bottom line as an issue) or grow revenue PROFITABLY? I regularly have this discussion and most people leave out profitably.

Think back and remember stories when the strategic mantra was growth. They got growth all right, with bottom line profits decreased! Clarifying that issue alone can be the 1% benefit from this.

Now move to the goal of Increasing Revenue PROFITABLY. You can use the strategic suggestions in this email knowing 10 tactical tips will be available in the next post.

Brainstorm how you can:

1. Seize new opportunities being considered to create new  revenue streams.
2. Create new opportunities for your company.
3. Invest resources now to bring new opportunities in the future.
4. Make the revenue and net income levels of the future stronger.
5. Position your company to be open to new possibilities through  revenue and profit growth.
6. Extend an existing product or service into a new area.
7. Recruit key talent from a competitor.
8. Attract competitors’ customers.
9. Build long term equity.
10. Make yourself a better employer.

For those of you on a roll and want to talk tactics now for the strategic framework you create, call me at 678-319-4739.

If this does not strike a cord, no problem.  Either way, Stay safe.

Sincerely,

Gary Patterson

Author of Million Dollar Blind Spots: 20/20 Vision for Financial Growth and Stick Out Your Balance Sheet and Stick Out Your Balance Sheet and Cough: Best Practices for Long-Term Business Health

“The best practices in traditional risk management are vital, as Gary points out, but they are not enough to protect a company from economic risk.” – Forbes

PS. Call me to tell me how to make these posts even more valuable to you, or to suggest an upcoming topic.

What opportunity can you exploit?

Particularly in this crazy world, opportunities will still present themselves, for you and me. IF only …

For me, there was one bluebird opportunity that appeared  from nowhere and tested my readiness to capitalize  on it. I was given a short window to exploit this  opportunity and move forward, which I did…

A colleague decided his stealth regenerative agricultural technology and company is at a critical point. He needed leadership financially and strategically whom he knew well and trusted with the equivalent of “his child”.

After being pleasantly surprised and taking a deeper dive  into the underlying technology, I agreed to return to my 3^rd generation agricultural roots.

I can disclose now that this technology helps compliment fertilizer to help farmers grow better tasting, healthier food  for our physical bodies and improves financial sustainability of agribusiness farms of all sizes – many of whom are struggling financially to maintain 2^nd, 3^rd and even 4^th generation farms.

More details to come on this product early next year.

Now returning to your ability to grab your fleeting bluebird opportunity. In case, your bluebird opportunity was smaller than  what you really wanted, let’s increase the likelihood  of you grabbing your fleeting bluebird.  Are you good  enough and flexible enough to take advantage of something this crucial for your organization?

Start with this simple bluebird capture check:

1. Do you have the foresight to know a bluebird opportunity when it lands in front of you?
2. Will you have the flexibility to catch it in time?
3. Will you have adequate resources of people, money and capacity to make something beneficial out of it?

If you answer yes to all three points, start looking and you will increase the likelihood that your bluebird  will appear, sooner rather than later.

If you cannot say yes to all three points, think of the opportunity and recognition, you are missing.

If you or a colleague wants to talk about bluebirds, call me at 678-319-4739

On that note, I look forward to serving you.

Gary

Gary Patterson

FiscalDoctor, Inc.

[email protected]  (678) 319-4739

Key member of 2 successful Inc. 500 international Companies ready to help you next.

Author of Million Dollar Blind Spots: 20/20 Vision for  Financial Growth and Stick Out Your Balance Sheet and Cough: Best Practices for Long-Term Business Health

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Sustainable profitable growth and strategic enterprise risk management (ERM) expert Gary W. Patterson, FiscalDoctor® and Robert Barker, who has counseled boards and management teams for over 25 years, propose a simple common sense strategically applied executable plan to add or preserve meaningful value for your middle market or SMB company in their article The Risks of Undervaluing a Focus on Culture published by Corporate Compliance Insights (CCI) — https://www.corporatecomplianceinsights.com/risk-undervaluing-culture/

Here’s how you can use this two-minute test to benefit your organization:

• Do not forget the fundamental basics of how well your culture reflects the mission statement and focus
• Jot down your numerical ranking for each of three statements:
• Finally, make sure this information validates your strategic plan, budget and enterprise risk management framework.

Who should consider applying this process with applications for sustainable profitable growth governance, risk assessments and enterprise risk management (ERM) type issues, inside a value based operational and strategic assessment framework? Family business, private and public business and equity group investors, and including:

• Corporate directors, key committee chairs and board chairs
• Corporate officers and C-suite executives
• Shareholders, stakeholders, regulators and legislators

To help meet financial and strategic goals, it is imperative for management to understand the magnitude of risks in pursuit of business objectives and how the organization’s products and offerings and opportunities can be mapped to these risks. Just as every person needs a medical doctor, every organization needs a FiscalDoctor and periodic fiscal checkups. FiscalDoctor also supports special projects for business growth, risk assessments, value-based enterprise risk management (ERM), operational risk management (ORM), fiscal checkups, corporate governance, strategic planning updates, special board projects or requests and strategic growth diagnostics.

About Corporate Compliance Insights

Corporate Compliance Insights is a professionally designed and managed forum dedicated to online discussion and analysis of corporate compliance, risk assessment, ethics, audit and corporate governance topics. Additionally, Corporate Compliance Insights is a focused knowledge-sharing forum designed to educate and encourage informed interaction within the corporate compliance community – dealing with issues of ethics, audit, compliance, FCPA, governance, risk, and fraud.

Corporate Compliance Insights is owned and published by Sarah Hadden, CEO of CCI Media Group.  

About Robert Barker

Barker is an attorney living in Atlanta who has practiced in domestic and international M&A, securities and exchange issues. He has served as in-house counsel and outside counsel to corporations for more than 25 years, including advising boards and management teams.  Bob can be reached at +01-678-576-3992 or [email protected].

About Gary W. Patterson

Patterson, a Big 4 CPA / Stanford MBA, speaks regularly on business growth, accountability, facilitation, governance, risk management, achieving corporate financial goals, and building long-term wealth. His book Million Dollar Blind Spots: 20/20 Vision for Financial Growth provides cutting edge follow-up for blind spots: how to identify them, exploit opportunities and mitigate risks. Visit his website at https://fiscaldoctor.com and “free” fiscal fitness test at https://fiscaldoctor.com/fiscal-quiz/ , or call 678-319-4739.