Strategies to Improve the Bottom LineFebruary 28, 2017
No one can be an expert at everything. Successful chief executives know this and seek out expertise, particularly when they realize their company’s performance isn’t up to par.
That’s why many corporate leaders have turned to Qorval for an objective analysis of corporate health. Using objective data, Qorval’s Senior Managing Partners Paul Fioravanti has helped numerous businesses turn their operations around to improve the bottom line.
From manufacturers to wireless telecommunications providers, Fioravanti says there are common threads to improving the bottom line most businesses. He outlined these insights in a recent interview with Joel Helfer, the host of a popular radio show called Main Street Mavericks
- Ask for help. Successful managers don’t have all the answers and they welcome fresh eyes to review problems in their organizations.
- Be objective. The answers are always in front of the people running the companies and they’re often in the form of objective data. Focusing on the data instead of the personalities will help build consensus for change.
- Keep key people. Always consider turning a business around with the existing staff. If layoffs are absolutely necessary, remember that your most valuable employees are those who produce the revenues.
- Understand the nuances of a business. Young financial managers may be great at building financial models but they may not be well-versed in the intricacies of a business such as a manufacturer.
- Do what’s best for the company. Whether you run a small family business or a multi-billion-dollar corporation, the company is not a jobs bank for friends and relatives.
- Be mature. Successful business owners are mature enough to face the reality of their business challenges and make the necessary changes even if they’re unpleasant.
- Continuously analyze expenses. Fioravanti says he once discovered that a client was spending $1,000 a month for a conference-call phone line that you can now subscribe to for free online.
- Know what it costs. Remember your childhood lemonade stand? You knew how much it cost to make the lemonade and how much of it you’d have to sell to break even. Sometimes business owners lose sight of that basic business principle as their companies grow.
- Learn how to communicate. Your team may benefit from taking personality tests such as Myers-Briggs or DISC because it will provide insight into how to communicate with each other. People communicate in different ways and it’s helpful to understand your team’s unique dynamics.
- Have a good handle on your business. At the end of each business day, consider printing a one-page document that provides you a snapshot of the most important parts of your business. Ask yourself: What are the key performance indicators?
- Identify the company’s stakeholders. Successful leaders create and maintain goodwill with customers, vendors and employees.
- Detect winds of change. Recent political changes will likely upend government policies on a wide range of issues, from taxes to regulations. Consider how your business may be affected.
If you need an objective analysis of your business and the trends affecting it, Qorval can help. For more information visit www.qorval.com or call 239-430-0303.