Every department in a company can affect the bottom line.
Here's how you can impact it and become a superstar employee:
Here's how you can impact it and become a superstar employee:
CEO
As the leader, you have the most direct impact.
Even more than your Accountants, you have to understand the numbers.
If you don’t, you alone can sabotage the business.
As the leader, you have the most direct impact.
Even more than your Accountants, you have to understand the numbers.
If you don’t, you alone can sabotage the business.
CFO
As the head of the finance department, you’re responsible for the firm's financial direction.
The most important things on your plate are:
1. Making sure the policies are managed
2. Assuring controls are in place and followed
3. Setting a strategic direction
As the head of the finance department, you’re responsible for the firm's financial direction.
The most important things on your plate are:
1. Making sure the policies are managed
2. Assuring controls are in place and followed
3. Setting a strategic direction
Operations
An efficient operation can have the biggest dollar impact of any area of the business.
Operations oftens sets the tone for the whole company, too.
An efficient operation can have the biggest dollar impact of any area of the business.
Operations oftens sets the tone for the whole company, too.
In service firms, focus on:
1. Watch overtime
2. Management of people
In a product business, focus on:
1. Manufacturing costs
2. Inventory management
1. Watch overtime
2. Management of people
In a product business, focus on:
1. Manufacturing costs
2. Inventory management
Accounting
You are in the weeds day in and day out.
It’s important you zoom out and don’t miss the forest while in the trees.
You are in the weeds day in and day out.
It’s important you zoom out and don’t miss the forest while in the trees.
Focus on:
1. Speed of reporting
2. Speed of Invoicing
3. Following a consistent process on receivables
4. Establishing and following vendor management policies
1. Speed of reporting
2. Speed of Invoicing
3. Following a consistent process on receivables
4. Establishing and following vendor management policies
Customer service
Retaining customers is cheaper than finding new ones.
A 5% increase in customer retention can increase profit by 25%.
This is an area where spending on employee costs and generous customer happiness initiatives pays off.
Retaining customers is cheaper than finding new ones.
A 5% increase in customer retention can increase profit by 25%.
This is an area where spending on employee costs and generous customer happiness initiatives pays off.
Focus on:
1. Grow customer lifetime value
2. communicate feedback to other departments relentlessly
3. Focus on employee happiness, as it impacts the customer
1. Grow customer lifetime value
2. communicate feedback to other departments relentlessly
3. Focus on employee happiness, as it impacts the customer
Research and development
You are expensive, there is no getting around it.
But if done right, you create the future of the company.
You are expensive, there is no getting around it.
But if done right, you create the future of the company.
You can save the company money by:
1. Being focused in your approach
2. Utilizing government or tax incentives
3. Looking for unique ways to fund your research
1. Being focused in your approach
2. Utilizing government or tax incentives
3. Looking for unique ways to fund your research
Marketing and sales
You can drive the top line, which comes with power.
It’s easy for you guys to get out of control and “run” a company with your ego and power.
Staying in balance assures you’re doing right by the company and never have to be “reigned in.”
You can drive the top line, which comes with power.
It’s easy for you guys to get out of control and “run” a company with your ego and power.
Staying in balance assures you’re doing right by the company and never have to be “reigned in.”
Focus on:
1. Gather good actionable data
2. Focus on the most impactful channels
3. Manage sales incentives to assure they align with company goals
1. Gather good actionable data
2. Focus on the most impactful channels
3. Manage sales incentives to assure they align with company goals
Human resources
Reducing turnover should be the focus of this department.
If done right, HR has a huge impact on the bottom line.
Setting the right policies is key.
Reducing turnover should be the focus of this department.
If done right, HR has a huge impact on the bottom line.
Setting the right policies is key.
Focus on:
1. Recruting the right candidates
2. Creating the right pay structure and incentives
3. Following a good employe review process, so bad employees don't stick around
1. Recruting the right candidates
2. Creating the right pay structure and incentives
3. Following a good employe review process, so bad employees don't stick around
IT
R&D is expensive, but you guys just want all the toys.
I don’t blame you, top-notch IT is important.
But in my personal experience, I’ve seen many IT departments have no awareness of their impact.
R&D is expensive, but you guys just want all the toys.
I don’t blame you, top-notch IT is important.
But in my personal experience, I’ve seen many IT departments have no awareness of their impact.
Focus on:
1. Creating a project roadmap and equipment refresh timeline
2. Focus on the most cost-efficient solutions, not the best ones
3. Get rid of the jargon and help the business understand the day-to-day impact of the tech
1. Creating a project roadmap and equipment refresh timeline
2. Focus on the most cost-efficient solutions, not the best ones
3. Get rid of the jargon and help the business understand the day-to-day impact of the tech
You can even email your boss and ask if they'd reimburse you for the cost of the cohort (DM me for $100 off discount code).
Who wouldn't love an IT leader asking how to save the company money?
Who wouldn't love an IT leader asking how to save the company money?
Thank you or reading!
I tried to keep this brief, so this list is not all-inclusive.
I’d love to hear ways you’ve impacted your company financially in your role.
If you enjoyed this thread, please follow (@KurtisHanni) and RT the first:
I tried to keep this brief, so this list is not all-inclusive.
I’d love to hear ways you’ve impacted your company financially in your role.
If you enjoyed this thread, please follow (@KurtisHanni) and RT the first:
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