My company recently implemented a mandatory vacation policy because the CEO believes we will benefit personally from time off, and the company will benefit from a happier, healthier, and more creative workforce. I’m concerned about how to manage team vacation requests. As you know, the workload doesn’t change based on who is in the office. I’m not sure how to make time for my team to take these vacations when we’re already over-worked.
No Vacation in 5 Years, Chattanooga, TN
I can relate to your dilemma. Knowing how to manage team vacation requests is certainly a challenge for any team leader. The workload is constant no matter who is there to perform it.
As the CEO your job is to lead with vision and build a business that is both scalable and sustainable. If you did your job well, you hired the right people, set the priorities and gave your team the resources they need to manage the day-to-day operations.
So, why is it so tough to unplug from work? Why do you feel your business can’t survive without you while you take a vacation? Are you afraid to see what your team will do without you there to lead them? If that is the case, you have bigger problems than taking a vacation!
Our company is looking for a new ERP system. My CEO just informed me that I am leading our ERP system selection process as well as participating in the implementation team once we find the right fit. I’ve purchased accounting software in the past but selecting an ERP system seems like a BIG job. Can you give me some tips to help in the process?
ERP System Searching in Idaho
First, let me congratulate you. Obviously, your CEO believes that you are capable of leading the team through the ERP (Enterprise Resource Planning) system selection. You’re right—ERP system selection and implementation is a big, and important task. You’ll need to do plenty of homework to select the best system for your company.
In the business world, we’re all about systems. Software and programs help us manage all aspects of our office life. But, of course, as time marches on, systems become outdated. If you’re considering an upgrade or update, there’s an art and a science to selecting a new system.
No matter which business system you are trying to replace, your process should always start with exploration. Before you consider selecting a new system, there are some basic questions you need to answer. I may sound like a broken Simon Sinek record, but nearly every business decision you make from acquisition negotiations to systems selection should start with why. Before starting the search for a system, analyze all the reasons why you are seeking to upgrade, replace, or add a new system for your company.
Recently, a Project Manager in St. Louis asked me about due diligence and acquisition integration. They were coming into the acquisition process with no previous experience. First, we addressed the due diligence process, but the other piece of the acquisition comes during the integration. Integration project management and planning is vital during this step.
Informing the Project Manager that the company is targeting an acquisition puts the manager in a positive place; this means there is time to prepare for the integration. Keep in mind, while targeting and completing the transaction aren’t the same, if the CEO is actively seeking acquisitions, it’s likely a transaction and integration will happen eventually. So once you get the heads up, you should start considering the integration plan.
Your company made an acquisition. Now what?
Now comes the easy part – NOT!! Successful post-acquisition integration is more of an art than a science, but a solid implementation plan is critical.
Whenever our business does forecasts, the owners only care about the P&L (Income Statement). As the Controller, I want the business forecast and budgets to include a balance sheet. How can I convince them it’s equally important to forecast the balance sheet? I also need to develop a model to forecast the balance sheet, once I convince them.
Expanding my forecasts, Baltimore
It seems like most entrepreneurs only focus on the income statement. In my experience that sets up the scenario of unexpected cash flow problems for the business.
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.