What constitutes an advisory board? Who should participate on an advisory board? Is an advisory board the right fit for my business? While most private companies aren’t required to have a formal board of directors unless investors or their banks insist, advisory boards bring value to the business. Even if you are the sole owner of your company, there are many reasons why you should consider setting up an advisory board.
My boss recently came back from a seminar and was excitedly going on about setting up a KPIs and dashboards. Is this a new flavor of the day or are the KPIs and dashboards valuable tools for running the company? It seems it’s my job to start the process of collecting and presenting the key performance data.
Wanting to Make a Meaningful Contribution in Kansas City
I can relate to the “flavor of the day” business conundrum, but KPIs aren’t one of them. The term KPI (Key Performance Indicator) has been around for quite a while.
The horror stories of business partnerships gone awry, often sound like bad divorces. Most of these stories serve as cautionary tales as to why we should never take on a business partner. Of course, it’s possible to start and grow a business without partners, but there’s also nothing wrong with a good partnership. So should you take on partners and if you do, how do you create a good partnership?
The decision to take on partners is your choice alone.
I am an accounting manager at small injection molding company. I’m also over the IT administration. Many of our employees complain they can’t find files in the system when they want them, myself included. I also have concerns about the security of some of the files. I am wondering if there are tips for filing best practices in a small company that might make this easier.
Can’t find it, Detroit
That has a familiar ring to it. In the small company I ran, finding files and information was a common problem until we established standard file naming conventions and filing procedures.
There is much discussion of key performance indicators: what are KPIs? How to set KPIs? How to organize your dashboard? Let’s clear up some of the confusion as to what KPI means as well as discuss how to choose YOUR key performance indicators for YOUR dashboard.
As the controller in a very small manufacturing company, taking inventory is the worst job in the world (ok, maybe not the worst, but certainly tedious). The process itself is hard, but the reconciliations are even more difficult. My team uses information provided by the shop floor and sometimes I’m not sure if they really counted. What can I do to make inventory easier?
Inventory Not Managed in New England
You aren’t alone in your frustrations. New ERP (enterprise resource planning) systems can make inventory easier with real-time tracking. But keep in mind, these ERP systems are still dependent on good information. You know the old saying – garbage in/garbage out?
In today’s tight labor market, employee onboarding has never been more important. It’s often challenging to find and hire the right people for your company. When you finally hire, it’s essential to have processes in place to help him or her succeed.
So, you’ve hired the perfect (or near-perfect) employee and they’re ready to start their new and exciting position with your company. Now what happens? Effective employee onboarding is critical to seamlessly integrating new hires into everyday operations and company culture.
I am the CFO of a mid-sized manufacturing company with three divisions. I am required to have “final” numbers to Senior Management by the 5th workday. It’s like pulling teeth to get the required information from everyone involved. I’m the one who looks bad when the numbers are late. How do I get the accountability without much authority?
Tired of the battle, Scarsdale, New York
I can empathize, having been in a similar situation. In my case, I was at Corporate and the division accounting people reported up through the division presidents; therefore, I had no direct authority to address the problems.
All entrepreneurs face challenges, but women entrepreneurs have several additional obstacles to overcome. These four big hurdles can be addressed and tackled with a pragmatic approach.
Putting together a chart of accounts is the necessary first step for any organization to create an efficient accounting system. Charts of accounts are useful for keeping data organized and tracking expenses for the company. However, not all businesses understand what a well-designed chart of accounts looks like. Here are useful tips for setting up a coherent chart of accounts.