High-Growth ERM Expert Gary W. Patterson Warns, “Unnecessary reports are hazardous to your wealth creation and company’s bottom line.”
August 26, 2013 – Atlanta, GA – Get the best resources in the right spots to exploit growth opportunities. Profitable growth and Enterprise Risk Management (ERM) expert and speaker Gary W. Patterson, president and CEO of FiscalDoctor®, urges companies to slash dead-wood reports to reduce operating costs, enhance the performance of disgruntled employees, and improve business efficiency and bottom line net profits. This also makes organizations more bankable and keeps them more bankable.
To help companies do the most with existing resources, Patterson asks companies to consider the following points when determining which reports would accelerate strategic goals and which ones should be tossed out.
- Just as people get out of shape and get flat or flabby, companies and their reporting infrastructures may suffer the same fate. Is your company’s reporting structure fiscally fit?
- Most reports require a significant effort to gather data, record it, verify the information or at least conduct some form of sanity check on the final product. Are your concerted efforts worth the final product?
- When asked, most department heads and managers complain about drowning in useless data. Are your employees complaining of too much data?
- Those same managers who complain about drowning in data may be starving for information they need to run their business better. Don’t you think that now is the time to develop useful reports that will help your management team better run the company?
- When information technology publications start making this suggestion as they have been doing for some time, don’t you think it’s time for companies to take this suggestion seriously?
- If you think green, consider how many copies and how often reports are printed out, bound, and saved somewhere, sometimes in triplicate. Isn’t it time you think “green” when producing reports?
To leverage the pruning process even more, think about what other line items or issues deserve a periodic review? And remember to do this process in good times so your business does not get fat, flabby or overweight again.
One final suggestion. Why don’t you consider instituting this review process of “doing more with less” instead of firing people as a way of reducing inefficiencies? Just think if your employees had fewer useless reports to sift through perhaps they would be more efficient, and you’d have a happier and more productive workforce.
About Gary W. Patterson
Gary W. Patterson, president & CEO of FiscalDoctor®, helps leaders grow revenues profitably rapidly by helping avoid the 3 biggest problems in profitably growing their business. He has helped companies spanning supply chain, high tech, transportation, construction, and service industries. Patterson is a well-known speaker on high growth, enterprise risk management (ERM), operational risk management (ORM), strategic budgeting, risk assessments, leadership, and change management.
For more information on the FiscalDoctor or his book Million Dollar Blind Spots: 20/20 Vision for Financial Growth, visit his website at http://www.fiscaldoctor.com , “free” strategic fiscal fitness http://www.fiscaldoctor.com/fiscaltest.html or call 678-319-4737.