Over 20 years experiences of which 14 years in senior management positions (such as CEO, CFO, Regional Head) for small to some largest companies across Asia. Helps more than 30 companies from different industries and mentor numerous CEOs and Top managers. Digital business transformation, world-class management and with multi-disciplines (especially in the field of General Management, Finance/ Taxation, Marketing, Corporate Strategy, Information Technology, and Business Development). Through unique proprietary business frameworks, Helps clients to grow their companies where one of the startups is now worth SGD30 millions. Devotes times in shaping management models for all aspects of the business. Many models and tools developed are widely used by clients and some had embedded into their business functions for healthy growth. Specialities: management, leadership, entrepreneurship, marketing, business clarity, decision making, and value creation
when you receive 2 offers, what is your selection criteria? the lowest price or the one the can add more value to your company?
First, you need to know the scope you are asking for:
1. to meet statutory requirement only?
2. to have better internal control in place?
3. to have good financial data for decision making?
From the way you decided, you probably looking at 1 (or a little bit of 3) of the above.
You need to make sure the accountant can help you to meet the statutory requirements and not just looking for the lowest price. This is quite challenging as most accountants had listed what they will do as a total package but you are not able to determine whether they can prepare quality accounting services or not.
I had many clients come to me on accounts prepare 3-5 years back where they are under investigation by the company registrar authority and Inland revenue authority. Most of the time, these accounts are poorly prepared although the books are balanced and met the statutory requirements on the surface level. I need to investigate the financial numbers, reinstate the financial positions and explain to the relevant Government authorities to help my clients to avoid further fine, punishment, or even jail. Therefore cheap, not equal to save money, it may cause more in the future.
Recently, I have a client ask me to prepare accounts for them, as the sales are low and the transactions are not a lot, after including the preparation to meet the respective authorities' requirement, I make a relatively low price for the job. My intention is to help my client at a very affordable price while ensuring good quality accounting practices and financial statements prepared in place at the same time. My client, however, asks me to reduce the price so as to be in par to others where the price will never able to prepare the minimum accounting service quality. In the end, I decided to give up this opportunity. I am here to solve the problem and not to make money and put a time bomb at the same time!
Therefore please give more thoughts when:
1. the price is too low,
2. any unrealistic promises
Some guides may help you to determine quality:
1. 30%-40% time on statutory reporting requirements
2. 30%-40% time on good accounting practices
3. 30%-40% time on bookkeeping
(thus you revenue increase may have no impact to the bookkeeping but may trigger the statutory reporting requirements (may happen in some cases), your accountant increasing his price may due to a) want to make more money, or b) increase in workload (if any).
hope the above help you
This is another similar question I answer this month. The previous question I answered was https://clarity.fm/questions/6150/new-coo-clashing-with-two-most-important-veteran-employees
I was requested for a call due to my answer in the above link. However, I asked him to follow my answer first and if he can solve the problem after using my answer then no need to request a call from me.
Luckily, he successfully used my method and save the money to call me. Thus I suggest you may click the link to read my answer, it may have some helps to you.
There is only one thing I like to highlight based on your case:
"you greatly depending on the employee really makes me wonder should you cease operation or if your profit still very attractive, then treat that employee as a customer and bear with his nonsense (although I feel quite ridiculous, if he really indispensable, you can't do anything much but just have the two options I suggested above)"
"if you disagree that he is indispensable, then my link above will be useful"
ROAS or ROAS per customer makes a big difference, I normally look at the latter and compare to the total profit made. You can further analysis using ROAS per sq meter (floor area) and study the patterns of the customers and floor areas.
Therefore using only a one-sided KPI not only not useful, but it can also be very dangerous.
For your question 2 - google for the answer focus on statistical information.
Very simple, when your investment in PR gives you positive ROI.
How to do it - you need to learn how to evaluate PR from two aspects -
a. convert all business information into the financial term of costs and benefits and perform a costs and benefits analysis.
b. a major milestone can be achieved or an obstacle to be overcome when applying the PR.
"The goals and methods are always clear and straight forward but the paths/ journeys are always curving"
I find this is one of the toughest questions to answer, we are not looking at how to sell or how to at impress people - all these can be learnt.
We are looking at when the willing parties just in time to meet each other (i,e, the buyer just in time want to buy the office space that you have and willing to sell).
We are looking for the right time to execute the ripe situation.
The timely quality information is the trigger point.
Given the deficiencies in reaching out the ideal customers in time, there are two common approaches:
1. increase reach out capabilities - to convert more quality leads
2. improve inbound management - to nurture customers and prospects so as to realise sales.
Combine the advancement of technology and modified marketing strategy, the gap of serving wrong prospects can be narrowed. You should try different ways to collect real leads/ database (remember the more the better but make sure real and are prospects based on your customer profile). Look for places where you can capture quality leads regularly at low or reasonable costs.
Build a nurturing and maintaining model by using a simple CRM (many very good CRMs in the market at zero or low costs). This is the place where the right customers can be nurtured (now - s/he may be a buyer or referrer)
As for the right companies, you can follow the above same approach, but your criteria will change accordingly.
Hope the above can help you. :)
It can be a big exercise, I had been helping clients in these 20 years. Complicate if we are looking at holistic performance measurement system for critical analysis to match against:
1. business values/ investment returns/ wealth - corporate level
2. budget/ goals/ commitments - business level
3. activities/ productivities/ effectiveness - operational level
... more details
so, I normally recommend people to set KPIs and place them is a business dashboard (with graphs, charts, KPIs) and breakdown for more fine indicators for operational management.
1. To start off, use what you already have so that business can move on.
2. KPIs design first (balance scorecard may apply in some organisation, but few more categories like market condition and technology impact should include for your kind of business).
3. all important indicators associated with each KPI to be arranged and formulated so that the analysis will be more meaningful.
4. check on feasibility in producing these data (as automated as possible)
5. Design the business dashboard + plan IT initiatives for information production.
6. It's all yours now ...
hope this help
I started up more than 30 companies across 21 years. In some years I started a few, but later years there are lesser.
Disregards I am a management consultant, just from my personal experience as an entrepreneur, my little thoughts should give some helps to you. You are asking for "how" ... there are many avenues, and properly tons of books, article outside there you already read.
Can we look at "what" and "why" you want to start a Salesforce consulting company? If you ask me given 10 hours for me to do a strategic task, I will spend 6-7 hours to do understanding, 2-3 hours to plan, 1 hour to execute the task. Therefore I am so into "what" and "why" at start.
1. what you do or intend to do?
2. got sufficient people to buy or not? already there or need to find?
3. what you want to achieve = volume, value, duration?
4. so on
Many questions on the "what" and "why", please do more in depth on these before you look at how. Once you have thorough understanding of "what" and "why", you somehow will be guided to "how" very easily.
Hope the above help you to kick-start. Drop me any message if you still cannot obtain that level of clarity to push you forward,
If it is a MCQ, I would choose D. as my interpretation of "random selection procedure" is to ensure that each respondent has the same chance of being selected into the sample.
in D, the goal is to have a sample test whether the products are produced according to the expected value.
A = to me is an intended selection
B = to me is the making of observation so as to make a conclusion on the frequency of letters used in the book.
C = to me the purpose of the selection is not clear
Look at how the employees behave you can understand the character of the CEO.
How can this be?
The CEO's values-behaviours-mindsets (good and bad) will be converted into the corporate culture. The good culture is strong when the conversion is done well.
When you talk about "how to" create that "belonging", we are looking at:
1. The employees like the culture/ practices/ behaviours of the company.
2. Does the culture reflect on the "good" part of the CEO's values-behaviours-mindsets? if not, which part?
3. What else will make the employees like more so much so that the employees want to be part of the organisation in long-term (or join the big organisation as a family member)?
4. Plan out and make that change.
The above is a systematic, goal driven, strategic approach. There are some more factors to consider, but the above should suffice for the "how".
You should now on your way to developing a miniature culture to create that small "belonging" to test the likeness level.
Check out with me more should you still face any challenges ahead
Doing forecasting need to determine:
1) the sources of revenue and the revenue drivers
2) the classification of costs and the costs drivers
3) the nature of costs and their patterns
Then you develop profit and loss + balance sheet + cash flows forecast.
With the above basis, you can perform the cost of customer acquisition per type of revenue per year; the cost of customer acquisition & maintenance / total lifetime revenue for ROI or NPV; break-even, the margin of safety, contribution per sales type; ROCE; market sensitive test; etc.
If you adopt the above, you will somewhat be getting things in the proper place.