By Rich Bond
Many privately owned businesses have feckless finance, meaning they get essentially the same kind of information companies got 50 years ago. At best, it’s like old-fashioned bookkeeping.
Just think of how much has changed in 50 years. It’s far easier today to navigate with a cell phone and GPS. You wouldn’t think about going on a road trip without your GPS.
Transforming a feckless finance function is like getting a GPS for your business.
When driving, your GPS tells you about an accident or construction ahead and plots out an alternative route. Transformed finance will do the same thing, but for your business.
Here’s an example:
- A Controller we placed helped double our client’s profits by recommending that the business raise prices on low-quantity orders, which represented 1/3 of sales and were being fulfilled on Saturdays. He truly transformed the company’s financial function.
- The feckless financial person whom we replaced had never pointed out that these small, low-priced orders at best broke even.
Transformed finance will give you new, useful information like customer profitability, which you can use to steer your business in new, more successful directions.
If you are wondering if you have feckless finance, reach out to me. I have 7 non-technical questions you can answer in less than 10 minutes to determine the situation for yourself.
If you do have feckless finance, we can discuss the various ways to remediate this problem.
