Almost 2 years ago, COVID impacted us in ways most of us never thought possible. Technology changes the world every single day, and we’ve been beaten down by a virus! Some businesses have thrived, some have withered and died. Many are still trying to adjust to a different way of doing things in the pursuit of success.
My clients have struggled with 3 things these past couple of years:
It’s not just about making money but rather avoiding the cash flow roller coaster, creating shareholder value, and increasing profit margin.
Financial folks love reports, especially those filled with lots of data and numbers. For non-financial folks, running the right reports, understanding what the data shows, and making adjustments to improve can be a challenging feat.
CEOs often become the single point of failure within their own companies. They’re often the owner/founder and, like all of us, have a highly developed core skillset. As companies grow, however, so too does the need for additional expertise.
To counteract these issues, businesses need to focus on the following:
Overall Health of the Company
Data is often siloed and disparate. Being able to connect the dots between departments and initiatives in order to provide comprehensive analysis and accurate forecasting is a game-changer. The overall health of the company is tied to the future rather than the past. Use what has happened previously to strategically plan for success.
Implement Solutions Fast
Corporate America is really good at forming committees to study this, that, and the other. By the time the report is issued, the topic of study is outdated and irrelevant. Time and resources have been wasted. And you’re no further ahead than you were previously.
Now more than ever, success is tied to identifying the problem, creatively innovating a solution, and agilely implementing it quickly. Gone are the days of endless foot-dragging!
This one ties into everything mentioned above. The CEO is great at certain things, and growing companies can’t often afford to employ a fully-staffed C-Suite of talent that fills all of the gaps. Companies like Power CFO provide fractional C-Suite tactical support but more importantly, we strategically partner with our clients to ensure that all facets of the business are optimally operating to reach maximum profitability and growth.
The adage “It takes a village” is true in business. You’re not alone out there, trying to figure out how to make things work better. Success comes from seeking wisdom from those who have come before you. Tap into others’ expertise to catapult your company into the stratosphere.