1.  Stop doing what isn't making good money ‒ simplify and focus on what is.

Deciding what to stop doing is the test of good management. Identify and focus on what you do best and the customers you serve most profitably. Get better performance results with less work and stress.

2.  Target tough but realistic goals ‒ you hit what you aim for.

For an individual, goals are important. For an organization – even a small one – they’re essential. How else will your people clearly know what’s expected of them and fiercely commit to achieving it?

3.  Execute for results ‒ unrelenting commitment and follow-through.

Even “Grade B” plans are winners with “Grade A” execution. Give your key people true authority and the critical resources and support to succeed. Good people thrive on trust and delivering results.

4.  Measure and manage business performance ‒ your reality check.

Hitting key financial goals is easier when you stay on course. Be fanatical about getting timely, accurate operating and financial results. Employ the few key performance measures that really matter. As key goals are attained, reward your people with meaningful recognition and enhanced pay.

5.  Control cash flow and financial position ‒ sleep well.

Make having a strong cash and working capital position a source of competitive advantage and opportunity, not a weakness. Solving disruptive cash crises is not the best use of your time.

6.  Discipline collections & customer credit ‒ who gets it, who keeps it.

You’ll get precisely the payment timeliness you tolerate, in accordance with your collections discipline. Grant and manage credit to customers for what it is – a privilege to be earned.

7.  Transform your computer system‒make it show the way not get in the way

Get your computer / ERP system doing what was first expected of it – helping you analyze, plan and control your operations. Utilize it fully, as a vital management tool, or replace it with one you can.

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Copyright, Financial Management Associates

Make FMA your management resource

...to accomplish one or all of the above in the new year, 2018 !

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