๐Ÿ“ ๐๐ซ๐จ๐›๐ฅ๐ž๐ฆ๐ฌ ๐ฐ๐ข๐ญ๐ก ๐๐ซ๐จ๐Ÿ๐ข๐ญ ๐๐ฅ๐š๐ง๐ง๐ข๐ง๐ 

By Rich Bond

Does your company have a budgeting or planning process?

If not, maybe itโ€™s time to look for a new CFO or Controller.

As one of my favorite quotes from Winston Churchill says, โ€œFailing to Plan is Planning to Fail.โ€ And I mean fail.

Only 25% of businesses last 15 years. But you can beat the odds.

๐‡๐ž๐ซ๐ž ๐š๐ซ๐ž ๐Ÿ“ ๐ฌ๐ข๐ ๐ง๐ฌ ๐ญ๐ก๐š๐ญ ๐ฒ๐จ๐ฎ๐ซ ๐œ๐จ๐ฆ๐ฉ๐š๐ง๐ฒ ๐ก๐š๐ฌ ๐š ๐ฌ๐ž๐ซ๐ข๐จ๐ฎ๐ฌ ๐›๐ฎ๐๐ ๐ž๐ญ๐ข๐ง๐  ๐š๐ง๐ ๐ฉ๐ฅ๐š๐ง๐ง๐ข๐ง๐  ๐ฉ๐ซ๐จ๐œ๐ž๐ฌ๐ฌ ๐ฉ๐ซ๐จ๐›๐ฅ๐ž๐ฆ:

1. Either you have no budgets or the ones you have are poorly understood and not adhered to.

2. There are no meaningful budgeting and financial goal discussions with the CFO/Controller.

3. You lack of cross-functional KPIs that are tied to the budget.

4. Department heads have no clarity concerning company financial goals.

5. There is no understanding by departments of how they contribute to company financial goals.

If you have any of these problems, itโ€™s time to sit down and have a heart-to-heart discussion with your CFO or Controller. You need to work together to rectify the situation.

I can provide sources for coaching your finance person. Or we can confidentially discuss his or her replacement. The process is easier than you might think and can be transformative for your business.

 

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