Byron: Hi, my name’s Byron Hebert and this is another Tool Time update brought to you by PKF Texas and your friend’s at the Entrepreneur’s Playbook.
Andy: And I’m Andy Ray, a principle at the Entrepreneurial Advisory Services here at PKF. Today we’re going to talk about a simple model that you can use in your business to help structure how you get results, and when we’re talking about results, we’re talking about results that matter; we’re talking about sales growth, improved profitability, cash flow, customer service, product innovation, all of those things that make you you. And this all starts in a simple model that begins with visibility.
Byron: When we’re talking about visibility, we’re talking about things like key performance indicators. We’ve talked about this before, KPIs, they’re very important in your business to track; key performance indicators and also Balance Score Card – how you look at your business every month from a high level to make sure that you’re keeping all of the areas of your business in balance.
Andy: Once you get Balance Score Card and KPIs installed in your business it’s going to show you gaps. It’s going to show you things that aren’t working that could be working to drive the results that you’re going for and that’s where strategy comes into play. Now I know my gaps, I have to develop plans and strategies to go close those so that I can get the results I’m intending. Once I get strategy worked out I move right into process execution; I’ve solved the what, now I need to solve the how.
Byron: In process improvement we talk about implementation, this is really the key to improving your business. Strategies are good, we can all get those, but the implementation is the key. So we talk about processes like financial reporting processes, sales processes, procurement processes; where ever your business is lacking, that’s where we want to shore it up and we do that with our middle managers. Finally we move to relationships; your providers, your supplier relationships, your customer relationships and your employee relationships, all key to your success in your business and getting the results that you need. And we want to talk about that and how you’re going to improve that and what plan do you have to get those relationships shored up. Again, my name Byron Hebert and this has been another Tool Time update brought to you by PKF Texas and your friend’s at the Entrepreneur’s Playbook. Thank you Andy.
Andy: Thank you.
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