Who has time for the incredibly detailed and complex 100 data point type software assessments? Yet most corporate leaders need to increase top line revenues and bottom line profitability. Consider the strategic seven statement approach below. Which of those million dollar blind spots opportunities or risks are you missing?
Truthfully answer yes or no to the following questions. No maybe or sort of are allowed and you have to answer all seven.
1. I have seen consistent improvements in revenues and profits the last 3 years.
2. I am healthy and take care of the Company strategic vision, while day-to-day operations run like clockwork.
3. My monthly cash flow projections are very accurate, when compared to actual cash results and needs.
4. Both my banker and board compliment me on our financial package and operating metrics updates at our formal and informal meetings.
5. I operate from a five-year strategic plan developed with my executive team.
6. My financials are prepared well before board meetings so I have time-––to review and understand them thoroughly before Board discussions.
7. My competitors see me as their primary competition.
Determining your score on the study on the preceding strategic issues is simple. Record an A for answering all positively. Drop one letter for each no. One no gives you a B. The second no drops your score to a C.
Consider that truthfully answering these strategic questions adds a common sense validation to a range of risk management approaches including an enterprise risk management assessment, strategic risk assessment, financial risk of a company review, business operational risk assessment or an operational risk strategy review.
At this point, several things normally occur. The A scores decide either to celebrate and get comfortable or they look for a way to widen the lead they hold over competitors. They widen the lead by taking the growth quiz a second time asking themselves where they can improve to an A plus type answer in each situation.
The B scores either celebrate and get comfortable that they are Ok or good enough, or they decide to do what it takes to get back in growth mode and score an A. They quickly see that those A business leaders in their space are looking to widen their lead and the B scores refuse to accept slow and consistent business deterioration.
The C and below scores get the gift of time to improve. Some avail themselves of the opportunity. Others do not.
What category are you in and what action will you take?
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