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HOUSTON BUSINESS REVIEW
Special Guest Article: Corporate Financial Management: Forget the Numbers, Tell Me Your Story
By Bruce Kaufmann
Bruce was in the banking industry from 1978 through 1992. In 1992 Mr. Kaufmann established his own consulting practice with an emphasis on showing business owners how they could use financial management techniques to increase revenues. This business has evolved over the years, and now Bruce works with his clients as part of the management team to help business owners improve their ability to obtain financing. This is accomplished by helping the client understand the investor's mind set so the business owner can make a more effective presentation when requesting funds, and by showing the client how to improve internal operations to make the company a more appealing investment opportunity. He has worked with clients in a variety of industries. Bruce Kaufmann can be reached at 281.734.9823, or by e-mail at: bruce@bkaufmann.com
In the huddle the pro-quarterback looks at the other players and says, "We really need to win this game. Let's score a touchdown on the next play." The players respond, "Great, we're with you QB, what's the play?" The quarterback snarls, "What's the play? How long have you guys been on this team? You're supposed to know all the plays, especially the one I'm thinking of in this situation. What are you being paid for? Now you even want me to tell you the next play? Next you'll be expecting me to tell you my game plan! You guys are supposed to be professionals and I want performance. You should already know what needs to be done to win this game!"
Not a very good way to run a football team, is it? Yet many business owners and managers use the exact same style to run their business. They want performance from their management staff and employees but fail to effectively communicate the game plan to their team—if they even have a game plan at all.
What is your game plan—the mission or purpose of your business? What do you want your organization to accomplish?
To find out how effective you are in communicating the goals and objectives of your business to your employees, try this little test. Ask your employees and management team to write a short summary of the purpose of your business. You may be very surprised at the results, even from those employees that have been with you for many years.
If you receive a wide variety of answers, then you know that you need to have better communication between you and your staff. Your employees should have a very clear understanding as to the purpose or the mission of your business.
If you haven't prepared a mission statement for your business you need to do so as soon as possible. If you already have a mission statement, review its content and then be sure that all of your employees understand it, can communicate it to others, and keep it in focus throughout their daily activities.
Properly written, the mission statement ensures that everyone is focused on the activities required to accomplish the desired objectives for your business. Then, when you ask the team to score a touchdown, they won't have to ask you what the play is—they'll already know.
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NONE OF THE OPINIONS EXPRESSED HEREIN ARE THOSE OF HOUSTONBUSINESS.COM™, THE HOUSTON BUSINESS SHOW, THE HOUSTON BUSINESS REVIEW, OR ANY OTHER FIRM OR COMPANY REPRESENTED OR REFERENCED HEREIN. FOR ADVICE OR OPINION, WE SUGGEST YOU CONTACT A QUALIFIED PROFESSIONAL OF YOUR OWN CHOOSING.
Bruce Kaufmann
- (February 2007, Issue No. 3, Thursday Edition)
To subscribe to the Houston Business Review, just send an email with "SUBSCRIBE" in the subject line to subscribe.now@houstonbusiness.com. Remember to tune into the Houston Business Show, Monday at 1:00 on AM 650. Brought to you each week by HoustonBusiness.com™, Houston’s Address for Doing Business™.
HOUSTON BUSINESS REVIEW
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