Short Articles (PDF) - Excellence in Financial Management

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1. Risk Taking – Any change requires some acceptance of risk. 2. Autonomy – Creative ideas are best generated when there is some degree of freedom of thought. 3. Performance / Reward – You must link rewards to specific performance. 4. Tolerance of Differences – An innovative climate recognizes that everyone is not alike and innovation works when everyone can express their ideas. 5. Top Management Support – Creating an innovative climate begins at the top, not at the bottom. 6. Initiating and Encouraging Ideas – Innovation requires a continuous flow of ideas – lifeblood of the organization. 7. Positive Response – Innovative ideas should receive strong positive response, not just passive encouragement. Another powerful driver behind innovation is comparing what you are doing against others. Study the ideas of your competitor's, other companies, monitor business innovation on a large scale and see how you can adapt it to your organization. The best ideas that fuel innovation usually come from existing ideas. This is how the Japanese captured market share in the United States . “It's OK to borrow an existing idea. The genius comes in adopting it for your needs: • What could you adopt • What could you substitute in the approach, materials, ingredients, or appearance • What could you combine with an existing idea • What could you magnify or minimize • How could you put it to other uses • What could you eliminate • What could you reverse • What could you bring back And the best news of all – you can do it! Are you ready to borrow the best of existing ideas” - IdeaWise: How to Transform Your Ideas into Tomorrow's Innovations by Steve Rivkin and Fraser Seitel In conclusion, most business experts seem to agree, innovation is what drives business growth. Over half of all growth in the United States comes from new products and services. We now see books titled: If It Ain't Broke, Break It – emphasizing the need to jump start innovation or in Tom Peter's book The Circle of Innovation – the transformation of the CEO into a Chief Destruction Officer. Two major drivers behind innovation are creativity and existing ideas. Creativity 48
involves risk and the acceptance of failure while ideas are usually a function of watching and learning from others, finding ways of how you can apply and fit the best ideas of others into your business. “ . . . the greatest rewards go to companies that create new business models – ideas that spark new sources of revenue based on changing technology, demographics, and consumer habits. By definition, new business models destroy old ones, which is why creating new wealth is a threat to every traditional, unimaginative business. Never before have strategy life cycles been shorter and has market leadership counted for less. Call it the First Law of the Innovative Economy: Companies that are not constantly pursuing innovation will soon be overwhelmed by it. Strategy innovation is the only way to deal with discontinuous – and disruptive – change.” - On Creativity, Innovation, and Renewal , edited by Frances Hesselbein and Rob Johnston Value through Ethical Behavior There is a growing body of knowledge to indicate that organizations that act in a socially responsible manner, following high ethical standards will in the long-run outlast and outperform companies that pursue profits at all costs. This connection between value and ethics has been around for a long-time, but several studies have confirmed it: - “The financial performance of companies stating a commitment to ethics is better than those that didn’t based on the annual rankings of companies.” – Business Week Magazine - “Of the 87 companies where an ethics code was clearly stated, the average Market Value Added (MVA) was 2.5 times larger than those not mentioning a code of ethics or conduct.” – Corporate Performance is Closely Linked to Strong Ethical Commitment by Dr. Curtis Verschoor - “Companies that routinely practice high business ethics and principles also attract the highest quality recruits and retain employees longer.” – Ethics Research Center Therefore, the morality of management has a lot to do with the overall value system behind any organization. In his book Saving the Corporate Soul, author David Batstone outlines eight principles of ethical corporate performance: 1. The directors and executives of a company will align their personal interests with the fate of stakeholders and act in a responsible way to ensure the viability of the enterprise. 2. A company’s business operations will be transparent to shareholders, employees, and the public, and its executives will stand by the integrity of their decisions. 3. A company will think of itself as part of a community as well as a marketplace. 4. A company will represent its products honestly to customers and honor their dignity up to and beyond a transaction. 5. The worker will be treated as a valuable team member, not just a hired hand. 49
Page 1 and 2: Excellence in Financial Management
Page 3 and 4: Cash Flow Management Basic Cash Flo
Page 5 and 6: Basic Accounts Receivable Managemen
Page 7 and 8: Financing What are Effective Intere
Page 9 and 10: Companies like GE (General Electric
Page 11 and 12: Budgeting & Forecasting Financial F
Page 13 and 14: Customer C owes $ 30,000, there is
Page 15 and 16: Project Evaluations Basic Economics
Page 17 and 18: Using Decision Trees Too often Fina
Page 19 and 20: 1. Determine Market Values for Capi
Page 21 and 22: Finally, how do you measure IC Well
Page 23 and 24: Ratio Analysis Cash Flow Ratios Alt
Page 25 and 26: Another ratio that can be used in m
Page 27 and 28: Measuring Sustainable Growth Is the
Page 29 and 30: Value Based Management Valuations o
Page 31 and 32: Lease Valuations A lease is an agre
Page 33 and 34: categories. Keep in mind that we ar
Page 35 and 36: Lessons from the Entrepreneur Lesso
Page 37 and 38: this new knowledge. Therefore, "int
Page 39 and 40: Intangibles over Tangibles In today
Page 41 and 42: known as the Value Dynamics Framewo
Page 43 and 44: competencies. - Business success is
Page 45 and 46: Understand the Customer: You must u
Page 47: “For vision and strategy to be mo
Page 51 and 52: (government, interest groups, and t
Page 53 and 54: Value through Marketing For any org
Page 55 and 56: • Accuracy - Some sources of info
Page 57 and 58: Four Steps to Calculating EVA EVA o
Page 59 and 60: Risk Management Step 1 in Risk Mana
Page 61 and 62: Managing Foreign Exchange Rate Risk
Page 63 and 64: Why Implement Activity Based Costin
Page 65 and 66: Design Steps in Building a Performa
Page 67 and 68: Examples of Key Performance Indicat
Page 69 and 70: The Power of the Scorecard The Bala
Page 71 and 72: their scorecards to meet the needs
Page 73 and 74: Typically a set of performance meas
Page 75 and 76: Financial measurements will often d
Page 77 and 78: 4. Review the allocation and distri
Page 79 and 80: - Sets a good personal example - Ac
Page 81 and 82: Secondary sources of intelligence a
Page 83 and 84: analysis of differences can be diff
Page 85 and 86: A final point on leveraging competi
Page 87 and 88: Reaching for the Six Sigma One of t
Page 89 and 90: several links, manufacturer to agen
Page 91 and 92: Another common attribute of process
Page 93 and 94: then we invariably lower our costs.
Page 95 and 96: Human Resource Management Metrics f
Page 97 and 98: Cross Functional Teams Financial ma
Page 99 and 100:
What is Matrix Management As Tom Pe
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Cost => Time => Quantity => Error =
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Control over surveys is low Control
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The role of management is to find w
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Since emotional intelligence is som
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Few, if any educational programs (i
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emphasize the most effective applic
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- Competitive forces - Organization
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to do with recruiting and retaining
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In order for HR to be successful wi
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Coaches are very engaged with their
Page 121 and 122:
The Lombardi Rules - The Winning Mo
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poor position to understand what wo
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6. People can Change - People have
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• Team Building - Encourages and
Page 129 and 130:
Strategic Planning: Your First Step
Page 131 and 132:
5. Create: Provide a strong learnin
Page 133 and 134:
your analysis for more detail audit
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Without name recognition in the mar
Page 137 and 138:
Although game theory has been aroun
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as people share with each other wha
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Is Knowledge Really Power We all re
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almost like wiping the slate clean
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will need a diverse group of people
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There are several approaches to bui
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Even simple task, such as distribut
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Comprehending the IT Challenge For
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Leveraging Knowledge Management It
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when viewing it over the internet;
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materials, products, and systems (a
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interdependencies, you will have to
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Key Elements to Effective Decision
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How to Brainstorm All people and al
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analysis - all pre-occupied with tr
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