Do you have a business opportunity for improvement?
Something (or someone) on the team that isn’t as efficient as it should be?
Maybe you’re not getting the results you know you should?
Whatever is keeping you up at night might be best narrowed down by looking at:
People, Process, Technology
Just like a stool, a business and most of its functions are made up of three legs
– PEOPLE, PROCESS AND TECHNOLOGY
Almost any business challenge can be analyzed and dissected through this lens.
If you don’t see all three ‘legs,’ there is a real risk you over invest in one and you end up lopsided!
When you assess which of the three are:
- going well
- could get a return on investment, and
- need some tweaking
You can make continuous improvements.
You can also simplify complex problems that you face.
The lens of people, processes and technology allows you to consider what is causing issues and where the opportunity is.
A FINANACIAL STRATEGY EXAMPLE
If you face issues in financial strategy and you are not sure what it is about the accounting and finance function that is preventing you from funding your goals, try and consider this angle.
PEOPLE – if you don’t have a Finance Leader, that is just low-hanging fruit for an opportunity to scale your business to profit. Without leadership, chances are the team is focused on historical numbers and transactions. Book-keeping and Controller efforts are essential to work, but it doesn’t advance financial strategy for growing companies.
PROCESS – if you don’t have disciplined period-end close processes, it’s hard to have a foundation to use for forecasting. Without an exemplary method of closing the books and reporting monthly, it is challenging to understand the current state. Accurate and timely historical reporting isn’t about looking backwards; it’s about understanding where you are at so you can make the right moves towards your future desired state.
TECHNOLOGY – if you’ve outgrown Excel or Quickbooks, then pushing off the pain of scaling your technology along with your business will eventually stunt the profit opportunities. Automation gets the tedious manual tasks off your people so that all of you can focus on your vision and be insightful and analytic, and inspiring with the time you have.
Sometimes problems paralyze us.
We don’t know where to start or what the most important thing is.
The tool of the People, Process, Technology trifecta can break down the barriers and get us rolling.
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