Monday started off as a busy day. One of the wire transfers off to HK ended up going to a non-existing accounts – and it takes 5 or 6 days to redirect. It was a 5 figure transfer, so put a dampener into the location of cash in the right place – so had to scramble a) to fix the mistake b) to redirect funds from other places into the needed location. It got done, but took about 2 hours. Time on the phone with HSBC, then cross fund transfer from other accounts and then forms, etc. Root cause was that I didn’t check one of the presets in HK bank since some of my account #s changed. Basically trying to do it too fast and cost me time.
Following this we had a discussion about our internal systems and began a path to research an ERP system. Given our growth plans and current status – I’m balancing the current expenditures vs. future growth. Ie. an ERP system will not generate revenue BUT will enable us to grow better and faster. So, given the size of the undertaking we are going with a standard project execution methodology:
- Needs analysis
- Specification
- Comparison of what we have vs. what where we want to be
The problem with any significant size ERP that they tend to be notoriously complex and long lead, so at this level my feeling is that we will continue on the path of integrating and utilizing the systems we have already developed – BUT – given that some of the projects on the way have a 1 year window to get done – I’m looking for short cuts. Part of me sees value in having a brand name ERP on boar as it will help with investor value during fund raising stages BUT at the same time I don’t welcome the complexity of it.
So, goal is to have this analysis finished by end of this year – and in new year (during our retreat) we can commit to a path.
Went through my To Do list and cleaned up various small tasks.
My motivation posters arrived in the office and will be changing the focus in the office from pearls to personal development, leadership, motivation. Basically, little baby steps to prepare to company – and myself – to think big – and to change focus from just pearls but to broader outlook.