Helpful Information

FINANCIAL CLOSE

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MORE THAN JUST TIME MANAGEMENT

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PRODUCTIVITY

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STRATEGIC AND OPERATING PLANS


PLAN EXECUTION

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CREDIT AND COLLECTIONS

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LOGISTICS / WAREHOUSE COST REDUCTION

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BENEFITS

Plan Execution


Many companies focus on strategic and operational planning but not on execution of these plans. More often failure is not a result of poor strategy, but a result of strategic and operating plans not being executed. Companies must hire the right people who can act on plans for growth, productivity, quality and profitability. Employees responsible for the plan outcomes must be included in the planning process. Time-lines and responsibility must be accepted. Results must be measured on a continuous basis (at least monthly) and employees held accountable for both positive and negative outcomes. If this is done well, execution can become a competitive advantage.


Companies face many challenges and obstacles to achieving their goals. Employees must expose reality and act on it quickly. To do this, actual results must be measured against plan, problems addressed, action plans created and changed, and accountability and rewards ensured. Examples of measurement tools are as follows:

  • Orders and sales by salesperson, customer, or product line
  • Labor utilization of a service organization
  • Customer, job, or item profitability
  • Days to collect accounts receivable
  • Client satisfaction surveys
  • Inventory turns
  • Lost/new customers
  • Sales per employee


People are uncomfortable with negative results and confrontation. However, in order to execute successfully, employees need to discuss realistic results, identify problems and debate solutions in order to create and change actions plans required to meet goals. Informal meetings encourage honest discussion and critical thinking. Quiet acceptance without discussion leads to disagreement and failed action plans after meetings. There needs to be a consensus of what needs to be done with assigned responsibility and timelines. People must be motivated by results. Beliefs and behavior greatly influence performance.


Managers must understand who does what and when. They must clearly link compensation to performance so that high performers are rewarded. Managers must empower and coach employees to be thinkers in order to overcome roadblocks to achieving goals. To lead successfully, they must accept different points of view, understand their own strengths and weaknesses, deal with conflict and be firm and honest with underperformers. They must not be afraid to hire talented people who challenge the company operating status quo and top manager thinking.