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show notes

Stages of Development

Stage IV Results:How Did We Do? - ELLEN MCILHENNY

14/10/2020

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Ellen McIlhenny - "Future Financial Confidence with Ellen"

​Introduction

Last week we kicked off season three with our Business Summit and introduced the worldwide on-air talent.  We are all excited to get into the main topics of this season as we continue to bring information and support to small business owners across the world.

 IBGR: Profit Radio is now heard in 134, or 69% of the counties of the world.  Please join our Community of Commerce where you will have access to full podcasts of previous radio shows as well as access to all the on-air talent. Let’s get the conversation started.
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​
Show Objectives
Stage V is an important time in the life of the business. The first and most important question as we enter stage V is, did we hit our goals and maximize our growth leaving as little as possible on the table? Stage IV should have been a “crazy” time of growth and now we shift our emphasis from revenue to profit. Today we will look back at Stage V to see just how well we did against the goals we set in Stage III.


Key Questions:
  1. How close to the capacity goal did we reach in Stage IV?
  2. What are the margins for each major product & service line?
  3. What are the margins and what is our share of dollars from major accounts?
  4. What did all this cost in terms of fixed costs?

What You Need to Know
Capacity Goal
  • In Stage III we came up with our estimates in each major segment of the business.  How close did we come in Marketing, Sales, Service?
  • It is our hope that we would have reached 90% of our goals in each area. If we did not, we need to ask why.

Margin Goal
  • In Stage III we came up with our estimates in each major segment of the business.  How close did we come in Marketing, Sales, Service?
  • It is our hope that we would have reached 90% of our goals in each area. If we did not, we need to ask why.
 
Fixed Costs
  • In Stage III we came up with our estimates in back office operations.  How close did we come?
  • It is our hope that we would have reached 90% of our goals in each area. If we did not, we need to ask why.

What You Need to Do
​1. Analysis of ​Marketing, Sales, Service, Production, and Back Office.
  • Methods (Thorough look at Procedures)
  • Manpower (Are our people performing to standards)
  • Materials (Inventory control)
  • Machines (Fixed Asset control)
  • Management (Common vision, working efficiently together)
2. Research your answers and select the highest probability causes.
3. Implement or Schedule for Implementation each solution.
  • Methods: Update procedure for better efficiency
  • Manpower: Update all HR procedures
  • Materials: Look at when to buy and who to buy from
  • Machines: analyze all equipment for efficiency. Do we need to replace?
  • Management: Implement Management by Objectives

Next Show – F5.03.3 – Reviewing and Strengthening our Contracts

Ellen McIlhenny – CFO Plus Services – ellen@cfoplusservices.com

​

F5.03.3NA

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