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How to Avoid Managing to Financials Numbers Ruining a Holiday

Extracted with a link to my article on Nonprofit Information

How to Avoid Managing to the Numbers Ruining a Holiday

Month end, quarter end, and fiscal year end personal activities can be taken hostage in this teeter-totter process of getting just enough income (but not too much) in the current period. This phenomenon can be likened to Goldilocks tasting the three bears’ porridge! (Having been part of year-end deal-closing crunches, I can assure you that inordinate amounts of time, money, and focus are required to to get deals closed in the desired period. Often those crunch times occur during holidays or when special family events had already been scheduled, inconveniencing and annoying the employees involved.)

When they have gone too far in covering shortfalls to reach arbitrary numbers, companies often hold “fire sales” to ensure they get the last few sales needed for target revenues. This practice can backfire and result in customers quickly learning to hold off on purchases until the regular desperate overture is made at period end. All of these complications result from a focus on hitting the sacred numerical targets. This ends up reducing margins as well as creating a spiraling impact as the company continues to try to make upcoming period results.

But fear not good fellows! For good news is at hand: Santa’s got 3 stocking gift ideas to help you reduce emotional cost and financial fallout. These three actions can help bring back the spirit of good cheer, and happier spouses, families and significant others in the form of restored holiday time:

  • Consider targeting a numerical range, not an exact amount. Why not set a number goal of, plus or minus 2 to 5 percent? Think of this concept sort of like a flex budget.
  • To encourage employees or volunteers to emphasize consistently reaching longer-term goals and objectives, change or adapt incentive programs. A balanced scorecard approach fits very well with tailored incentive plans. Plans that can be measured produce
  • Change the tone from the top to emphasize doing things right, instead of focusing on managing income. A number of experts suggest that an emphasis on doing things right does a better job of building long term equity or fund balance. This tone fits better with the mission and vision for most nonprofits, anyway.

My  Boardsource presentation and Roadmap to Sustainable Mission is available at

http://www.boardsourceleadershipforum.org/session/boardroom-black-holes-and-taboos-2/

 

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3 Minute Free Business Assessment

Glad to share this 3 minute self assessment for you to add value to your equity and business. Consider this a self directed strategic workshop you can review offsite instead of a full blown enterprise risk management overview, risk management assessment, or even a business assessment. Even when you treat yourself to the 10 minute contemplation super version, quite a version.

3 Minute Self Business Assessment

You will enjoy this 3 minute 20 question business self assessment to laser focus on where you really are and a suggestion on what you should change using this business GPS.

Pull this out for that time when you feel your organization is stuck, coasting on past success, or is a best kept secret. Or call me at 678-319-4739 to briefly pick my brain.

For a sneak preview of three of the 20 questions:

1. Are operations running so smoothly at your company that you consistently sleep well at night?

18. Does your management team feel they receive information about your company and operations in an understandable and timely format to run their departments?

20. Is there no major improvement or a change that would significantly enhance the performance of your company?

And of course, the conclusion will have room for your own notes on an ACTION PLAN.

What are your top three priorities?

 

Who can help you?

 

When to start?

Feel free to download this 2 page PDF developed with the benefit from helping over 200 organizations and hundreds of leaders like yourself. And call me at 678-319-4739 to discuss helping you accelerate resolution of the opportunities and challenges you see from this introspection.

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TOP Consultant endorsed

Middle Market Investors, CEOs and Board Members: Certified Growth Resource  

December 29, 2015 – East Greenwich, RI – Society for Advancement of Consulting® LLC (SAC) awarded Gary W. Patterson, Enterprise Risk Manageement (ERM) expert and speaker, an infrequently granted distinction of being re-certified for the eighth year as a “Board Approved” member in his specialty as Trusted Adviser for Growth Companies.

Re-certification signifies that Patterson has the highest continuous record of professional performance over an extended period of time as measured by SAC. To this end, Patterson has adhered to the ethics pledge of the organization and has provided client proof attesting to exceptional performance in his area of consulting. SAC was founded by Alan Weiss (Ph.D.), a consultant whose unparalleled reputation has advanced the prestige and standing of the consulting industry.

Fewer than five percent of SAC members are granted Board Approval, which represents a distinguished membership of fewer than five percent of all practicing consultants nationwide. Board Approval is granted only after detailed client evidence is received and reviewed. SAC’s CEO Weiss comments, “We already have as our membership the most elite consultants practicing in the world. To achieve this still higher level of performance in addition to our entry requirements is quite impressive. Clients who hire Board Approved SAC members have the assurance that they are working with the ‘best of the best.’ ”

When your organization feels like it (a) a best kept secret, (b) stuck or (c) coasting on past success, call Gary for a confidential brief 15 minute discussion.

About Society for Advancement of Consulting® LLC SAC is an international association of distinguished consultants who meet the following criteria: validated proof of high performance in their areas of expertise; successful completion of client engagements; testimonials from client executives; high income over a prolonged period; minimum of 25 clients; and adherence to the highest code of professional ethics. SAC members interact as an international community to advance the profession and consulting techniques in compliance to a strict code of professional conduct. To learn more about SAC, go to www.consultingsociety.com.

About Gary W. Patterson Gary W. Patterson, president & CEO of FiscalDoctor®, helps leaders uncover major blind spots, in time to assure profits and make the best decision. He has helped over 200 companies spanning supply chain, high tech, transportation, construction, and service industries. Patterson is a renowned speaker on growth, strategy, risk assessments, and leadership.

He authored Million Dollar Blind Spots: 20/20 Vision for Financial Growth , “Stick Out Your Balance Sheet and Cough: Best Practices for Long-Term Business Health”, The-Fiscal-Fitness-System, Understanding Balance Sheets, Income Statements, and Cash Flow”. For more information, visit his website at www.fiscaldoctor.com and his “free” fiscal fitness test at www.fiscaldoctor.com/fiscaltest.html call 678-319-4739.

© Gary W. Patterson. All rights reserved. ###

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Why Isn’t ERM More Of A Team Sport at Every Organization

When asked about ERM, most professionals I approached as background to develop this article for Risk & Compliance declined to comment for a number of unique and seemingly valid reasons. They seemed to prefer that someone else handle ERM. While this may be reasonable when considering temperament and technical skills, it doesn’t change the fact that every member of the organisation is needed for successful ERM.

The full article has two suggestions to correct shortfalls on enterprise risk management (ERM). After all, external expertise can help you make ERM a team sport and make your organisation a winner, rather than another business disappointment, failure or even fraud.

To read more about I gave my research this title the full article is available at

http://riskandcompliancemagazine.com/why-isnt-erm-more-of-a-team-sport-at-your-organisation/

A predecessor articles to this also at Risk & Compliance is titled Boardroom Black Holes and Taboos. You can download your copy here.

Boardroom Black Holes and Taboos

Please comment on why you agree or disagree with my suggestions or contact me at 678-319-4739 or https://fiscaldoctor.com/contact-us/ for a number of other articles and resources on growth, strategy or risk assessments.

 

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How Not to Shoot the Messenger

Learn 10 Steps to Stop Shooting the Messenger and Why You Should Care

This article lays out the cost of shooting the messenger and some actionable steps to create an open communications environment at your organization.

Most people’s reaction to observing the sacrifice of a team member is that “I don’t want it to be me next time.” Suddenly an individual can think of all kinds of reasons and scenarios not to uncover a major blind spot.

So once you decide your firm will strive not to shoot the messenger what do you do to create open communication within your organization? There are ten action steps below in the link below where a full copy of my article is published.

http://www.eiffeltradingcompany.com/10-steps-to-stop-shooting-the-messenger/

Also consider bringing in an outsider periodically to “wear the black hat” and not wear out your people being the messengers.