While financial drivers retain their importance,
people orientated factors will be critical to sustaining success over the long term.
This month we’ve decided to take a deeper look into a smart yet necessarily sophisticated idea that has great potential to grow your business in 2013 and beyond. Inasmuch as one would think that this success would have to come from ‘outside of the box’, it’s just the opposite. The whole concept is much like ‘rebooting your computer’ to update or refresh your processes or information. The rebooting concept makes total sense to us so we thought we’d share our take on the concept with you now.
Last year, the Chartered Institute of Management Accountants (CIMA) surveyed a variety of CEO’s across the country in an effort to define how these leaders and their companies were dealing with the business and financial challenges that impacted their success on a day to day basis. And within this study, they pinpointed what these leaders were doing differently to succeed in this very challenging business environment.
And the answer is …
When all was said and done, the overriding answer has to do with the ‘human dimension” – that being your relationships your partners, vendors, and employees.
The survey further defined that “the human dimensions of business—areas such as talent development, intellectual property, and relationships with suppliers and customers—will be the primary focus of top executives during the next two years. “
As a result, we concur that there is a clear need for companies to put more emphasis on demonstrating how these human factors contribute value. Yet with all of the challenges that CEO’s and human resource managers have on their plate, who can find the time to truly evaluate this “non-financial” talent and implement the skills to company’s best behalf?
We all should. As Jim Singh, CFO of Nestlé emphasized, ‘We must understand where the business is creating value, where it is destroying value, and recommend value added options to improve’.
While 63% of those surveyed agreed that it is important or very important to improve expertise in measuring non-financial value, only 51% said that they did this well or very well. Take note: whether you like it or not, it’s time to look inside the box.
It’s time to reboot.
At Robert Robertson CPA we offer a variety of services that can help you ‘reboot’ your operation. In fact, we often learn about our clients’ businesses so intimately, we become an integral member of their management team. And because we work with such a variety of businesses across so many industries, we have seen the evolving array of talents that exist internally that are re-designing processes, improving efficiencies, and leading to greater financial success.
For a complimentary consultation, and to learn more about our belief in the value of rebooting business, contact us today at 775 825-5522 www.renocpafirm.com