There’s a never-ending supply of new fitness devices and trackers available today, but most of the data they report is useless. Yes, you are counting steps, flights of stairs climbed and hours of sleep, but are you honestly really doing anything with the data? There’s even “smart” clothing on the horizon, which will read your vital signs, stress levels and even tell you to cut back on your Thanksgiving turkey. As our culture moves closer to measuring everything, it seems as if we are moving further away from tracking and measuring what we actually need to know.
For both the fitness buff and C-level executive, the argument for the usefulness of real-time data tracking is valid. It’s not an illogical leap to think any individual could potentially improve performance and adjust strategies on-the-fly by leveraging better KPIs and insightful metrics. For most though, taking that data and knowing how to utilize it is a tough barrier to overcome. We track our steps (and that’s great), but are we getting any healthier?
More data alone doesn’t make better decision makers. While having additional data equals more opportunity to make better decisions, the key to leveraging data and translating it into meaningful results is knowing what to focus on, how to interpret it, and how to utilize it in the decision-making process. Data is only valuable if it is actionable. Are you confident you are taking advantage of all the metrics available to your business?
With over 25 years’ experience consulting with industry-leading companies, Talley & Company and our affiliate Group 11 Advisors are committed to provide clear, knowledgeable and applicable financial data and analysis solutions, enabling management to intelligently track performance, progress and profits. To determine whether your business is taking advantage of all metrics available to make the most informed decisions for future success, schedule a time to talk with us today.
05 Jun 2015
When many think of the millennial generation, the scourge of “selfies” and entitlement come to mind. –But regardless of your feelings towards them (good or bad), Millennials represent the next generation of managers and key personnel to many middle-aged entrepreneurs as they start to wind down and think of retirement.
Integrating Millennials into a Baby Boomer culture is a big challenge for business. So how do we manage their expectations while maintaining high performing organizations?
Many entrepreneurs and executives will tell you their number-one mistake is hiring the wrong person for the job. This crippling error can be avoided if you’re in tune with the strengths and culture of your organization and how others can “plug into” the system already in place. As with any small organization or startup, it’s critical that every person is right for their job. So how do you ensure you’re hiring the right millennials?
A strengths assessment of your existing personnel is an ideal place to start. Think of it as a SWOT analysis on your most valuable resource — your people. It identifies key personality and behavioral traits and can help you understand how to best leverage the combination of those talents and how to add to them by finding the right people to hire.
Start with the “Why”. A lifelong career with work/life balance may have been a goal for previous generations but it is not as enticing to millennials. In order to capture their passions, start with why they should care. Why does your company exist? How can they contribute? By articulating this and making sure they have a sense of purpose in your organization, you can ensure they find meaning in their work efforts and stay engaged.
Take note of Millennials’ affinity with the digital world. Millennials can’t imagine a world without constant social media updates and 24/7 WiFi. This generation is 100% plugged in and expects instant access to information and the world around them. This extends into their worklife: They want to be able to work from wherever they happen to be at the time. Many companies are starting to see the value of this and are transitioning to cloud-based platforms, allow employees to set up shop and work wherever they may find themselves.
Hiring is undoubtedly one of the biggest challenges companies face, and, at the same time one of the most rewarding opportunities. Executing it well the first time will help you avoid costly & time-consuming repercussions and have a positive impact on your existing team. Group 11 Advisors and its affiliates offer staff assessment & educational tools that provide business owners a complete picture of what skills and expertise their administrative personnel have and what they need to succeed. To find out more about how Group 11 Advisors can help your business grow, contact us today.
Accounting software is a must-have for managing day-to-day bookkeeping, but it makes up just one part of the total package for effective financial decision-making. A CPA-trained business consultant can give you deeper insight into key decisions made on a regular basis, such as buying or renting office space, hiring independent contractors or full-time employees, renting or leasing equipment, and much more. Here are three questions from dozens you might ask to help you get the most out of your relationship.
What’s the Best Way for Me to Track, Monitor and Improve Cash Flow? Whether you’re running a startup or an established business, properly projecting your cash flow is essential to maintaining its health and navigating out of challenging periods. An accountant can help you develop an effective cash flow model to improve receivables, manage payables, and work through shortfalls. Experienced business advisory teams also alert leaders to damaging missteps and profit maximization opportunities that may not be immediately apparent.
Am I Taking Advantage of Opportunities Unique to My Industry? Advisors like those at Talley and Company have decades of experience working with a number of different industries, from retail to construction to high tech, and can spotlight opportunities that apply to specific businesses. For example, companies in the tech industry can take advantage of certain R&D, facilities and manufacturing tax credits or exemptions. Working with your advisor can ensure you’re following industry best practices and managing your business competitively.
What Are My Options for Securing Capital for Growth? There are more financing options today than ever before, from equity vs. debt financing, loans, grants, venture capital, angel investing, crowdfunding, peer-to-peer lending, and of course friends, family and colleagues. Depending on the intended use for the capital, the urgency of the need, the state of your industry, the strength of your management team, and many other factors, experienced advisors can help you assess your financial situation and discover whether one option might suit your needs better than another. The right team can also help you prepare your business to be considered favorably by banks, lenders and investors when outlining your plan for the next five years and showing what your revenue stream will look like.
These are only some of the areas in which Group 11 Advisors can offer business and tax advice throughout the year. Meet with us to learn more about how we can offer specialized information pertaining to your business and industry, save you money, and help you budget for periods of growth and constriction.