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JANUARY 17, 2019 Power Growth: Crush Your Time Wasters Deborah Defer and Sarah Sullivan
JANUARY 17, 2019
Power Growth: Crush Your Time Wasters
Deborah Defer and Sarah Sullivan
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With you today
DEBORAH DEFERManaging Director
SARAH SULLIVANSenior Manager
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Crush Your Time Wasters Failure to
delegate
Viewing financial data througha reactive lens
Not documentingprocesses
Overlooking existing
capabilities
Not harnessinganalytics and
the cloud
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1. Failure to delegate
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You can do anything, but you can’t do everything.
-David Allen
”
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How does failure to delegate result in lack of engagement and focus?
Prone to burn out Undervalued and underutilized resources Cluttered minds
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CLEARING THE CLUTTERHow to delegate
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Evaluate & identify tasks to delegate “down”
REVIEW EVERYDAY TASKS AND FOCUS ON THE TASKS
ONLY YOU CAN DO
IDENTIFY “NON-ESSENTIAL” TASKS FOR DELEGATION
FIND THE RIGHT RESOURCE TO TAKE ON TASKS
CONSIDER ADDITIONAL HIRES
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Identify tasks to delegate “UP” or “OUT”
Identify tasks not “in your wheelhouse”• I.e. bookkeeping, taxes, HR
Consider bringing in a specialist to work on this if the expertise doesn’t live in-house
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Prepare for the delegation
1. Provide how-to documentation.
2. Establish monitoring procedures.
3. Confirm understanding .
4. Check-in but avoid micromanaging.
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Delegation requires the willingness to pay for short term failures in order to gain long term competency.
- Dave Ramsey
”
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Celebrate successes
Be intentional with positive feedback.
Show appreciation.
Find ways to reward success/hard work.
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2. Viewing financial data through a reactive lens
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Determine the best accounting systems for your business.
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Key Considerations
Are you effectively leveraging technology? Are you capturing KPIs specific to your industry? Do you have a business strategy and tactical plan? Are you addressing questions before they become an issue? Are you receiving real-time financial management
information?
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Being proactive means being reactive – ahead of time.
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Pre-accounting
otherwise known as…
bookkeepingAs we leverage technology, the daily automation of transactions can be placed into the accounting system, and then, the accounting happens with your trusted advisor.
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ANYTHINGapps | APIs | things | data
ANYWHEREon premises| cloud| hybrid
ANYTIMEbatch| streaming| real-time
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Cloud based and hosted accounting solutions
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3. Not harnessing analytics and the cloud
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CHANGE is the only constant
• Invest time and resources to make changes
• Embrace the discomfort of the unknown
• Say goodbye to the former organizational process
• Save significant time in the long run
• Accomplish strategic goals
• Transform operations to gain financial success=+
+
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It isn’t the strongest of the species that survives nor the most intelligent that survives. It is the one that is most adaptable and responsive to change.
-Charles Darwin
”
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Incentivizing change
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Thinking in real time
What is “meaningful” data?• BAD DATA is worse than NO
DATA. Faster reporting through a more
efficient close cycle. Insight to gain operational
excellence. It’s more than reporting, it’s
analytics.
Pairing continuous accounting and analytics
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4. Overlooking existing capabilities
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Do you know all the capabilities of your organization, including technology and people?
ORGANIZATIONAL
CAPABILITIES
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Look inside your organization…and beyond
Provide valuable insight and
perspective.Provide on-going advice
and solutions.
Help navigate the
decision making process.
Identify alternatives
to better suit their needs.
Ensure they avoid making
bad decisions.
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90% of the world’s
data has been created within the past 3 years..
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Data Automation Advanced Analytics
Transforming data into actions that provide for impactful change.
AI and advanced analytics
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Prepare Your People
Map Cross-Functional Processes
Figure OutFinancing
Assess Your Maturity
Define Your Vision
Set Up Your Pilot
Engage Stakeholders
Implementation roadmap
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5. Not documenting processes
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Why is lack of documentation a productivity killer?
Knowledge loss
No standardization
Inefficiencies go unidentified
Risk of noncompliance
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How you carry out a business process within your organization. It includes:
What is process documentation?
CHECKLISTS POLICIES SCREENSHOTS
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Steps for process documentation
IDENTIFY PROCESSES
ASSIGN PROCESS OWNERS
IDENTIFY INPUTS & OUTPUTS
IDENTIFY PLAYERS
DOCUMENT PROCESS STEPS
GET FEEDBACK FINALIZE & ESTABLISH
REVIEW PROCEDURES
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1. Keep it simple and concise.
2. Consider your audience.
3. Store in a central and secure location.
4. Use job titles, not names.
5. Provide screenshots and examples.
Tips and tricks for proper documentation
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Wrap Up
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Crush Your Time Wasters
Failure to delegate
Viewing financial data througha reactive lens
Not documentingprocesses
Overlooking existing
capabilities
Not harnessinganalytics and
the cloud
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Questions?
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