I run out of steam last night to blog, so this is a morning blog. Yesterday was a busy, busy day, full of meetings. Ended up rescheduling bunch of my KPAs with my staff – I really hate when I’m doing that – as it is an indication of reactive management style. So, that is not great. However, I do expect a two month transition before I can get all the processes, procedures established for Finance and HR – so I am somewhat resigned to the fact that next 2 months will be like that. But, so it must.
Yesterday, I continue to focus on corporate structure and was able to reach out to another person that has experience in various corp. structures. Will meet him on Sunday. HK boys are working on things as well, so I’m not in the place where I will be able to get competitive quotes.
I devoted a bit of my time yesterday to looking at cash flow again – mainly because its looking TOO good. So, I’m slightly paranoid that I”m missing something – hence I’m not fully committing funds, etc. yet until I can in my mind be convinced that I got it right – I would say right now I’m at about 70% certainty that I’m extremely well positioned. But I do keep on looking.
Last night I was thinking that I need to disperse the financial responsibilities to my various staff. Right now everything is chocked at CFO level, and all the budgeting, etc. is tied there. If I’m able to establish budgets (monthly) for next 16 months (by the staff that will be responsible for those budget) – then I will be able to much better empower my staff to make financial decisions.
The role of the CFO will then be relegated to enforcing budget control vs controlling expenditure. I think anything to empower the staff, the better. The faster also. The intricate knowledge of the details of the business lies with the people not me, so I think they are best able to make the most sound decisions.
So, I’m thinking of giving each budget department to a certain person to manage – they can then forecast out for me what they will think they need for spending – then we get into the approval cycles, etc. I’m betting right now, that by delegating the budget power (and spending) to the staff, we will save 10% on costs.
The other though I has that I need to get a social club setup for the company. We have been taking about it for long long time – but no action. Freaking NATO – No Action Talk Only. I’m ready to make something happen – I think it will boost the already high moral.