I had a great management class 10 years ago, where we did a weekend exercise about executing things. The first thing was to learn the situation, then plan then do.
I’m finding myself following this pattern. Today was spend on doing a lot planning on HR tasks – focusing on documenting processes. SOP’s will come easily out of that.
I keep circling around the finance functions and accounting. I’m resigned to the fact that consolidated financial statements (for management purpose) are the way to go. How to handle the cash vs. accrual based accounting – still not 100% clear in my mind. Simple = better.
Nevertheless, I have some main topics I’m looking but am learning very quickly. Looking for scalable best practices on how to handle some of the key areas of the business. I think whatever systems emerge out of this research will be shaping to the company ie. budgets vs. AFE methodologies – so input from experts is required.
- Establishing budgets for departments – making people responsible for budgets – measuring budget performance
- P&L on a monthly/quarterly/yearly basis
- Cost controls – ensuring areas are not ‘overspent’
- Financial reporting – what key values to measure ie. Net worth, balance sheet, etc.
- Invoice approval procedures – processes
- Cash flow forecast systems
My task tracking/planning system is working well. Found that as the # of tasks on my plate was increasing the stress was increasing – as soon as the tasks/to do where put into their respective buckets – stress dissipated.
How funny – I’m falling into planning, planning, planning – and I’m in the middle of the worlds best centrally planned economies!