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Fiscal Doctor

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October 11, 2016 by fiscaldoctor

Convert Blue Sky Strategy to Fiscal Vision for Your Organization

Which of these three questions can improve the value of your strategic plan?

• How can you improve the emphasis from crafting impressive-sounding mission statements, core values and new initiatives with scant consideration given to the company’s real financial position?
• What part of your strategic vision will benefit from a fiscal focus to allow your company to feel more comfortable that its risk strategy is realistic, prudent and even doable, rather than suddenly realizing too late that you have bet the farm for too little reward?
• Where might there be some truth to the adage that far too many financial projections show revenues starting one quarter earlier than will actually occur, and expenses starting one quarter later than will actually occur?

Learn more about my recommendations. Risk & Compliance, a member of Financier Worldwide just published my article “Change A Risky Blue-Sky Strategy Into A Fiscal Vision Worth Its Weight In Gold” http://riskandcompliancemagazine.com/change-a-risky-blue-sky-strategy-into-a-fiscal-vision-worth-its-weight-in-gold

Financier Worldwide is a leading publisher of news and analysis on the global business and finance market place. With leading products such as the monthly print publication, Financier Worldwide Magazine, the organization has become recognized as a leading source of intelligence to the business and corporate advisory community. www.financierworldwide.com

They offer free subscriptions to qualified readers for publications on Corporate Disputes, Financier Worldwide and Risk & Compliance magazines. They are distributed globally from their United Kingdom publishing base.

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Consider discussing improving your sustainable profitable growth capabilities with the Gary Patterson. Clients call him their FiscalDoctor® and just as every person needs a medical doctor; every organization needs a FiscalDoctor and periodic fiscal checkups. He also supports special projects for strategic growth diagnostics, risk assessments, enterprise risk management (ERM), operational risk management (ORM), fiscal checkups, corporate governance, and strategic planning updates.

Call to discuss your situation at 678-319-4739 or send a note from https://fiscaldoctor.com/contact-us/

Find the Million Dollar Blind Spot; in time.
Find the Million Dollar Blind Spot; in time.

Filed Under: Timely Reports Tagged With: balance sheet board of directors enterprise risk management risk assessment strategic planning

October 7, 2016 by fiscaldoctor

The Value of Knowing Your Most Profitable Customers: (778 words)

One of Five of the Most Common Mistakes to Avoid When Growing Your Business

By Gary Patterson MBA, CPA (778 words)

While numbers themselves are neutral, the way they are interpreted and manipulated can be misleading. Without asserting blame, where could your financial statements, projections, and results be interpreted more accurately? Besides giving you a more accurate picture of your company’s financial strength, accurate numerical interpretations will give you more reliable information. Hence, you can make better decisions, assess risk and effectively run your company.

After helping and strategizing with hundreds of leaders, I’ve identified five key risk areas that can provide strategic benefits when managed effectively, or explode into landmines if ignored. Let’s transform caterpillars into butterflies and address potential risk factors that can be lurking inside your company!

How does your company measure up to this first statement? Answer True or False.
My business knows who are the 10 most profitable customers, and has accurate information about these top clients.

The results on this question vary by size. If you are a middle market company (normally 50 million dollars and up), normally 75% tell me they accurately know their top 10 customers and are fairly comfortable on customer profitability. Consider this group often has reasonably sophisticated accounting software and a reasonably sophisticated accounting department.

If you are a 5 to 30-million-dollar company, that degree of comfort often drops to around half.
Both groups feel less comfortable about the accuracy of product or service profitability once the discussion goes deeper on where to help leaders improve their ability to obtain sustainable growth and profitability.

Whatever the size of your business or accuracy of your accounting information, let’s go deeper on the topic of profitability – for customers and products.

“If you find out who our 10 most profitable customers are, could you please let me know?” I can’t tell you how many times top executives ask me this question. Let’s help unveil this sometimes well-kept family secret and how it happens. Some companies define their top 10 customers in terms of largest revenue. At some point, that may have been a reasonable approach. Previously a narrow product line, minor customer service issues and stable costs of production may not have eroded profit margins.

However, in today’s competitive economy that can quickly change.

It is inevitable that changes need to be made when your business becomes more complicated and/or competitive. For example, this may require more modern software programs and/or compatible record keeping systems. Unfortunately, businesses may not have the resources to immediately upgrade information systems and have to settle temporarily. In these cases, I’ve found that accurately measuring your 10 most profitable clients means conducting a semi forensic type investigation to concretely understand the origins of company data.

For example, a large steel company client had invested substantial amounts in software and hardware systems to handle high volume manufacturing—but only for a limited number of products and narrow choice of options. When their industry rapidly became more competitive, customers demanded a wider range of customized product options including; color, length, and width. This dramatically more competitive environment required better operating systems to become more cost effective while meeting these new demands.

Information systems that had worked well could not meet rapidly changing customer demands. Murphy’s Law always seems to happen at the wrong time. Funds were not available for these new manufacturing and data systems.

Organizations (maybe yourself) solve limited supply of resources and outdated systems with unofficial excel spreadsheet systems. Excel’s flexibility solves rigidity inside official operating systems. After all, buyers want the product customized to their needs and delivered on their time schedule; consumers are not concerned with the inner workings of the company’s internal information system.

Even if the accounting department can deliver high level financial statements and reports needed for a Securities and Exchange Commission (SEC) reporting, management must have the right detailed information to run the business successfully. Think of the last discussion or meeting you attended where a manager insisted they could not get the information that was requested. That’s simply unacceptable in business.

Often, the short-term answer is to throw bodies against the problem. Sometimes the mid-range solution is to get the right eight people in a room for a day. They see what information is needed and how it can be delivered. That focused working group can initiate the process to obtain necessary information and help clear red tape for management and their teams.

Which aspect of this real world story can help your business make more bottom line profits by better managing limited resources available to improve customer and product profitability?

© Gary Patterson, the FiscalDoctor® www.FiscalDoctor.com

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Known as the Fiscal Doctor, Gary W. Patterson has helped 2 INC 500 companies and over 200 companies in manufacturing, technology, service, construction and distribution in companies from start-ups to Inc. 500 to Fortune 500. Gary Patterson helps you grow top line revenues, keep more of the bottom line and make life more fun. Author of Find Your Blind Spot – Before It Finds You, and Million Dollar Blind Spots. Contact Gary when you need a speaker or consultant on strategic profitable growth while removing risk at www.FiscalDoctor.com

Downloadable filecustomer profitability – 778 words

Filed Under: Profitability Tagged With: customer profitability revenues

October 4, 2016 by fiscaldoctor

Interesting Franchise Expo Atlanta weekend

Just back from speaking on Avoid the Five Biggest Mistakes in Growing Your Franchise Business for The Franchise Expo organization. http://www.franchiseshowinfo.com/atlanta/

Finding Your “Million Dollar Blind Spot” Is One of the Most Powerful Ways to Grow Your Sustainable, Wealthier Bottom Line. Glad to help you or a colleague find your Million Dollar Blind Spot opportunity or risk before it finds you.

Pictures of my flier and coupon are inserted below. I was unprepared for the opportunity and did not take a picture with my smiling, happy audience. Even the FiscalDoctor sometimes misses fleeting opportunities.

Free coupon to attend this years expo in Atlanta.
Free coupon to attend this years expo in Atlanta.

 

 

 

 

 

 

Finding Your “Million Dollar Blind Spot” Is One of the Most Powerful Ways to Grow Your Sustainable, Wealthier Bottom Line
Finding Your “Million Dollar Blind Spot” Is One of the Most Powerful
Ways to Grow Your Sustainable, Wealthier Bottom Line

 

 

 

 

 

 

 

 

Please share the flier I prepared to supplement their coupon with your organization.  I passionately love helping people avoid their major or Million Dollar Mistake.  Sometimes a $5,000 mistake feels like a million dollars.

If you are unprepared when the opportunity shows up, you may not see it or be unable to seize the opportunity. If you are unprepared and the risk shows up, it can be very painful even deadly.

Filed Under: Timely Reports Tagged With: business growth franchisee franchisor

September 27, 2016 by fiscaldoctor

The Lost Art of Thinking in Large Organizations – vote to read

to read this strategic oriented article, which also has an orientation toward value based enterprise risk management.  Interesting how things circle back to the basics.

Whatever insights strike you from the article with a link below, the key is that group think and paralysis by ………. (the newest and latest issue) always are in vogue.

http://sloanreview.mit.edu/article/the-lost-art-of-thinking-in-large-organizations/

My related version to this article is the suggestion that the corporate CFOs have left town without telling you, due to the immense pressures to look the other way on possible issues.

Why isn’t ERM more of a team sport at your organization? describes how effectively the former sheriffs who used to provide honest feedback about pros and cons of issue and potential risks have “left town” without telling you. Better understand how and why this occurs to reduce unfortunate surprises, which always seem to occur at the worst time. Http://riskandcompliancemagazine.com/why-isnt-erm-more-of-a-team-sport-at-your-organisation

Several related articles I have written for other groups are available on my LinkedIn profile under posts at https://www.linkedin.com/in/garywpatterson

If you like what you see on LinkedIn, invite me to connect. or call me at 678-319-4739 to talk more.

 

 

 

 

Filed Under: Timely Reports

September 14, 2016 by fiscaldoctor

Franchise Atlanta Expo – Free Ticket – Grow Bottom Line

Avoid the Five Biggest Mistakes in Growing Your Franchise Business

Finding Your “Million Dollar Blind Spot” Is One of the Most Powerful Ways to Grow Your Sustainable, Wealthier Bottom Line

In this Session you will:

  • Learn five crucial mistakes he consistently sees leaders miss to their peril.
  • Participate in a facilitated discussion on two of those 5 major mistakes.
  • Discover five common misconceptions – myths to throw overboard from your business.

Date:          September 24-25, 2016

Time:         10:00am–4pm and 11am-4pm

Location: Cobb Galleria Center, Atlanta, GA 30339

The expo is providing speakers with a code (SEMINAR) to give you and friends for a free pass to the franchise expo on the 24th and 25th.

To reserve your spot, go to: www.franchiseshowinfo.com/atlanta

Find out how you can enhance sustainable growth and profitability.

Assess, Diagnose, Reach Your Vision and Achieve a True Path to Greater Profitability

www.atlantafranchiseexpo.com

Join the event and glad to share insights on how to avoid Million Dollar Mistakes in your business or organization. Regardless off how small or how large, these foundational best practices can help.

Attend my strategic overview workshop facilitated session. Increase the value of your franchise, franchisor, franchisee, business or organization value. We also will exhibit onsite.  Come by or email ahead of time to set a time to briefly discuss your unique special situation. Glad to demystify the financial jargon for any non accountants.

Patterson flyer franchise expo

Free coupon to attend this years expo in Atlanta.
Free coupon to attend this years expo in Atlanta.

 

 

 

 

 

 

 

Finding Your “Million Dollar Blind Spot” Is One of the Most Powerful Ways to Grow Your Sustainable, Wealthier Bottom Line
Finding Your “Million Dollar Blind Spot” Is One of the Most Powerful
Ways to Grow Your Sustainable, Wealthier Bottom Line

Filed Under: Timely Reports Tagged With: Atlanta franchisee franchisor management company

September 13, 2016 by fiscaldoctor

How does your score on basic personal financial concepts compare?

Trust that after reading this, you will soon feel the satisfaction of starting or finishing the day with a bigger smile.

Amazing how most of us (myself included) often fail to appreciate something which can be very complex to the normal public, once we demystify those foundational business principles.

See how you score on an extremely brief, self administered and self reporting basic test in the Market Watch article below. Then apply your thoughts on three issues.

  1. How hard do you think this test really is?
  2. What issues do low or failing scores on the test do you think this creates in life and business?
  3. Why do you think this high failure rate occurs (and what can be done to improve understanding)?

http://www.marketwatch.com/story/3-basic-financial-questions-that-surprisingly-stump-most-americans-2016-05-18?link=sfmw_tw

Really, really scary that the vast majority fails test! After you confidentially take the test, send it to some of your friends, who may then better understand why business is so underappreciated.

Then you may consider a gift. Glad to share some business financial concepts and articles, which I undoubtedly underappreciate my value to leaders in demystifying obscure financial statement concepts. Be assured I have recently been retrained to help others without using either the dreaded D(ebit) or C(redit) words.

If this strikes a chord for your life or business, creates a chuckle, or you want me to truthfully reveal my score, call me at 678-319-4739, post a comment below or send me a LinkedIn note on my profile at

www.linkedin.com/in/garywpatterson .

 Or if you like several offerings a day, you can find my twitter posts at www.twitter.com/ermadvocate

dollar chain

Filed Under: Timely Reports Tagged With: best practices financial personal finance retirement

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Gary W. Patterson, The Fiscal Doctor

812 Hallbrook Lane, Alpharetta, GA 30004
Contact No: 678-319-4739
Email: info (at) fiscaldoctor (dot) com

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Gary W. Patterson, The Fiscal Doctor

812 Hallbrook Lane, Alpharetta, GA 30004
Contact No: 678-319-4739
Email: info (at) fiscaldoctor (dot) com

Copyright © 2016 - All Rights Reserved - Website Design by Pixelion Art

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