Profits On Purpose | strategic planning
48
archive,paged,tag,tag-strategic-planning,tag-48,paged-4,tag-paged-4,ajax_fade,page_not_loaded,,qode_grid_1300,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-17.1,qode-theme-bridge,disabled_footer_top,wpb-js-composer js-comp-ver-6.0.5,vc_responsive
 

strategic planning Tag

  • All
  • Acquisitions
  • Banking
  • Financial Management
  • Financing
  • Forecasting and Budgeting
  • Growing Your Business
  • Podcasts
  • Profitability Coaching
  • Uncategorized
We’re concluding a 4 part series on processes that affect your bottom line. We started with your sales process and then moved on to the production and delivery process. Today, we’ll be discussing your payment process. The goal here will be to look at ways to shorten cycle times, eliminate mistakes through improved processes and/or change your business model if you see a way to do things more efficiently.
John D. Rockefeller was a famous industrialist and philanthropist. He founded Standard Oil Company and became the world’s richest man controlling 90% of all in the US at its peak. His fortune at his death was $23 billion in today’s dollars. He was also well known for his generosity and donated over $500 million to charities with medical and educational focus throughout his lifetime.
Last week, we had an overview of “3 Tips to Manage The Madness In Your Business.” The first tip was shortening cycle times. Depending on the type of business you’re in, all of us have a sales cycle, delivery cycle and a billing/payment cycle. If you’re a product, manufacturing or contracting company, you also have inventory or work in process, which is included in your production cycle. In theory, if you are able to reduce the amount it takes to sell, make, deliver or collect your business can do more in the same amount of time.   Depending on your strategy and processes, you would choose to improve the cycle that has the most impact on your business either in financial or non-financial terms.
We believe it’s critical for every business owner to know how to manage money once it’s in the business rather than just making sales. And it can be even more impactful if all employees are empowered to know how the decisions they make affect the bottom line and top line of the business. In order to drive performance in your organization, you should have priorities based on the metrics you measure for your business. Those metrics are typically in the areas of profitability, asset quality, liquidity and leverage. (PALL)
Sometime ago I read an article about Pete Maravich, former LSU and NBA basketball player and what made him so successful. When asked that question by the sportswriter, he answered “before I take the shot, I can’t see myself missing.” While it would be easy to interpret that comment as arrogant, the article stated that what he meant was he pictured the shot “in his mind’s eye” as going in before he took the shot. Pete Maravich had a vision of the shot going in.
ARE YOU READY? GET IT NOW!
Increase more than 500% of Email Subscribers!
Your Information will never be shared with any third party.
CONTACT US
FOR A FREE CONSULTATION
Thank You. We will contact you as soon as possible.
CONTACT US
We are confident that we can help you create or refine your financial plans, and coach you through the steps needed to realize your goals.
Thank You. We will contact you as soon as possible.
WEEKLY TIPS FROM THE
PROFITABILITY COACH
Get expert financial and business management advice
to help you identify what’s holding you back and how to fix it.
Your information will never be shared with any third party.
PGRpdiBpZD0naWZyYW1lXzM2MzEnIGl0ZW1wcm9wPSd2aWRlbycgaXRlbXNjb3BlPSJpdGVtc2NvcGUiIGl0ZW10eXBlPSdodHRwOi8vc2NoZW1hLm9yZy9WaWRlb09iamVjdCcgc3R5bGU9InBvc2l0aW9uOiByZWxhdGl2ZTsgcGFkZGluZy1ib3R0b206IDU2LjI1JTsgaGVpZ2h0OiAwOyI+DQrCoCA8bWV0YSBpdGVtcHJvcD0nbmFtZScgY29udGVudD0iTWVldCBNY0Rlcm1vdHQgRmluYW5jaWFsIFNvbHV0aW9ucyIvPg0KwqAgPG1ldGEgaXRlbXByb3A9InVwbG9hZERhdGUiIGNvbnRlbnQ9IjIwMTktMTAtMjEgMTU6MTg6NTIgLTA0MDAiLz4NCsKgwqDCoCA8bWV0YSBpdGVtcHJvcD0ndGh1bWJuYWlsVXJsJyBjb250ZW50PSdodHRwczovL2RiNjI5YzAzNGQ5NjkyMDM3ZmVjLTJmNzg4ZjJlMmQ4MjQyMjBkODhlNDEwMzM1NTFlYzlkLnNzbC5jZjEucmFja2Nkbi5jb20vOTgzYzNjMTBlNGQ5MTFlNzk2MjExZmRkZWY4MDliZjFfVmlkZW8tMS1EMy0xMjE5MjAxNy5qcGcnLz4NCsKgwqDCoCA8bWV0YSBpdGVtcHJvcD0iY29udGVudFVSTCIgY29udGVudD0iaHR0cHM6Ly9kYjYyOWMwMzRkOTY5MjAzN2ZlYy0yZjc4OGYyZTJkODI0MjIwZDg4ZTQxMDMzNTUxZWM5ZC5zc2wuY2YxLnJhY2tjZG4uY29tLzk4M2I1MWIwZTRkOTExZTc4ZDIwNDljZGQ2ZjNmZjdjX1ZpZGVvLTEtRDMtMTIxOTIwMTcubXA0IiAvPg0KwqAgPG1ldGEgaXRlbXByb3A9ImR1cmF0aW9uIiBjb250ZW50PSJQVDEyMy45OVMiIC8+DQrCoCA8bWV0YSBpdGVtcHJvcD0iZGVzY3JpcHRpb24iIGNvbnRlbnQ9IkluIHRoaXMgc2hvcnQgaW50cm8gdmlkZW8sIEJpbGwgTWNEZXJtb3R0IGV4cGxhaW5zIHRoZSB2YWx1ZSBvZiBvdXIgY29hY2hpbmcgc2VydmljZXMgYW5kIGhvdyBNY0Rlcm1vdHQgRmluYW5jaWFsIFNvbHV0aW9ucyBjYW4gaGVscCBncm93IHlvdXIgYnVzaW5lc3MgdG8gdGhlIGhpZ2hlc3QgbWFyZ2luIG9mIHByb2ZpdGFiaWxpdHkuICIvPg0KwqDCoMKgIDxpZnJhbWUgc3JjPSdodHRwczovL2QwNDI0OTA5NTI4NWFiZTExZGY5LWZiN2Q0NWU3MDQxNGUxNGU2NGMxYzYxZWE1ODQwMjdjLnNzbC5jZjEucmFja2Nkbi5jb20vMzYzMS5odG1sJyBhbGxvd2Z1bGxzY3JlZW49InRydWUiIHdpZHRoPSIxMDAlIiBoZWlnaHQ9IjEwMCUiIGZyYW1lQm9yZGVyPSIwIiBzY3JvbGxpbmc9Im5vIiBzdHlsZT0icG9zaXRpb246IGFic29sdXRlOyB0b3A6IDA7IGxlZnQ6IDA7Ij48L2lmcmFtZT4NCjwvZGl2Pg==