I’m a big proponent of planning. I believe that planning is a key—not “the” key—to being successful. You still need a value proposition and a business model that makes sense. You can plan all you want but if the business doesn’t work, it doesn’t work. But if you plan, you’ll probably figure out it doesn’t work […]
The Seven Habits of Highly Effective People–Revisiting a Classic
Stephen R. Covey’s Seven Habits of Highly Effective People is, without a doubt, one of the classics of business literature. But it is also widely used by non-profit organizations, government and, really, every type of organization and by anyone who wants to be more effective. The teachings can help anyone. Let’s review Covey’s Seven Habits: […]
Spearing Sacred Cows–Attacking the Concept of a BHAG
Jim Collins co-authored, “Built to Last, Successful Habits of Visionary Companies.” It is a standard of business schools and management training. And make no mistake, it is a great book. But one concept, one of the main points of the book, is something I’ve got a beef with. That is the concept of the BHAG. […]
Drive—The Surprising Truth About What Motivates Us
I’d like to introduce you to a book I read a couple of years ago and that I think every manager should read. That book is Drive by Daniel H. Pink. The subtitle is The Surprising Truth About What Motivates Us. Pink’s assertion is that science has been discovering for the last fifty years that […]
The Job of the CEO; The Buck Stops Here
Being the CEO or owner of a business isn’t easy. Many are thrust into the role unprepared and usually they have no experience being the CEO of a business. In my consulting practice I work almost exclusively with CEO/business owners. While it can be lonely at the top, the CFO is usually a person the […]
Get Your Eyes Up!
Many of you know I’m an auto racer and also teach high performance driving. I also taught driver’s ed to teenagers at one point in my career. In all forms of driving, the challenge was to get the driver to look further ahead. Humans evolved to look down at the ground and a few feet […]
Accounting for PTO and Why You Should Care
Accounting for Paid Time Off (PTO). Could there be a more boring, mundane, accounting-nerd sort of topic? Probably. But it should matter to you and let me tell you why. Whether you’re a business owner, banker, consultant or employee, the businesses you are involved in probably have something in common with most other businesses: the […]
The Importance of Gross Margin–Measuring Your Value Proposition
Much is made of financial metrics. This is good but often the simplest metrics are the best. Here I discuss one of the most important: Gross Margin. Like many financial measures, the calculation of Gross Margin isn’t that straightforward. Even looking at the financial statements of publicly traded companies won’t clarify the matter as practices […]
Fraud Sequel
My installment series on fraud has spawned a fourth chapter. And the reasons for the sequel are twofold. First, I got a huge reaction from people relating their first-hand experience with fraud in business. I knew that fraud had become more common but it appears we have veritable epidemic on our hands. I don’t know […]
External Fraud
This is the third installment in my four-part series on fraud. In the first installment I wrote about the Fraud Triangle: pressure, opportunity and rationalization. In the second installment I talked about Internal (workplace) Fraud. In this installment, the topic is External Fraud. This is fraud committed by someone outside the company; someone other than […]