PROVIDE PERFORMANCE FEEDBACK TO OPERATIONS, SALES, AND HUMAN RESOURCES TO UPGRADE ALL PROCESSES - Ellen McIlhenny

Ellen McIlhenny - "Future Financial Confidence"

Introduction
BIG NEWS EVERYONE! If you have been following us you know that this station has been growing exponentially. Not only in listeners but we now have hosts all over the world providing support to small business owners internationally.  That is a wonderful thing, but it can make scheduling a little tricky because of the different time zones. 

SO – I am very excited to announce that my show will be changing a bit. 

First of all, starting next week, on November 3rd my show will be moving to Tuesday at 3:00EST.

Second, my format will be changing slightly.  I will still be talking to the same audience, but will be concentrating more on how to get ready to sell your company. The reason I am looking forward to this so much is this is what I have been living and breathing for years. 

First, as the CFO of a company who did some acquisitions so I got a front row seat and I know what buyers are looking for.  Now for the past four years I have been talking to and hopefully helping company owners how to prepare for their exits. 

I will be talking about all the things that need to be done to maximize the value of your company so you can leave at the very best time. There are several books that I’ll be talking about that I feel are must reads for all business owners.  And last, I hope to be able to do some interviews with people who represent the individuals you need on your team in order to make your transition successful. 

So please make a note of it.  We start on November 3rd at 3:00 est. It’s going to be a lot of fun.   

Oh and BTW– next Tuesday is election day and one thing I can promise you is that this will be one of the few places you will be able to go without hearing politics.  That, in and of itself, is a reason to listen.  Don’t you think?
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Show Objectives
Today’s show is still talking to Stage V owners who may be getting ready to sell or they may have decided to reinvest to reinvent. A couple of weeks ago we talked about analyzing results during Stage V and last week our topic was looking at and improving all our contracts or getting contracts in place, where they were previously absent.  Now it’s time to start looking at the various departments and giving feedback on their operations and how they can improve because you are looking to optimize profits after a great burst of revenue.  
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Key Issues - ​Owner/Manager Perspective:

1. Based on Stage IV Objectives - How did The Sales Department do and if they were short of the mark that was set in Stage III, why did that happen. 
2. Which Sales Shortfalls can be fixed immediately and which require a completely new process.
3. Based on Stage IV Objectives - How did The Operations Department do and if they were short of the mark that was set in Stage III, why did that happen. 
4. Which Operations Shortfalls can be fixed immediately and which require a completely new process.
5. Based on Stage IV Objectives - How did The Human Resources Department do and if they were short of the mark that was set in Stage III, why did that happen.
6. Which Human Resources Shortfalls can be fixed immediately and which require a completely new process.

 
What You Need to Know

• What was the Stage IV Growth to Capacity Plan?
• ​What is the Stage V Optimization Plan?

What You Need to Do​
Today's show is covering only the identification of improvements, not its implementation, the output from this step is to provide guidance for the various implementation groups.

1. Report of Stage IV Performance - What were the results from each major category.
2. Sales Category - What was their performance and where were their shortfalls?
3. Operations Category - What was their performance and where were their shortfalls?
4. People Category - What was their performance and where were their shortfalls?
5. What are the recommendations for Immediate Improvement. What can be held out for Stage VI Reinvention.

Shows

• Previous: EPISODE A5.003 REVIEW ALL CUSTOMER AND SUPPLIER CONTRACTS
• Next: A5.005 Optimize All Elements of the Business for Profitability​

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