By Rich Bond
Barring any more unexpected catastrophes, individuals, businesses, and society can start to look forward to shaping their futures, rather than just grinding through the present.
What are you planning to do to shape your company’s future? My experience tells me that you must plan for the long-term, while being flexible enough to deal with the interruptions.
The one strategy that I have seen work, regardless of what else is going on, is to focus on maximizing value. What do I mean by that? Creating more value for all stakeholders: customers, employees, and shareholders.
To do this, you need to better understand who your customers are and why they do business with you. How do they perceive what you are providing for them? Then, you can price your goods or services, based on those perceptions.
You also need to better understand where your revenues and profit come from and where they don’t, which requires a sophisticated finance function that does much more than simply reporting results.
What is your view? Have you achieved success through a value-maximization strategy? Can you tell what produces profits in your business?
Please share your stories with me!
On the other hand, if you’re struggling to plan for 2022, shoot me a message at 203-216-0618 or email me at: Richard.Bond@BondandCompany.com. A review of the value your financial function is contributing may be enlightening and useful as you move forward.