Philip Walcoff - "The Fast Forward MBA in Business Planning for ...

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Philip Walcoff - "The Fast Forward MBA in Business Planning for Growth"Page 53TABLE 4.3 (Continued)• Retain the services of a quality-assurance expert to assist incharting your course.Issue 6. We lack sufficient project and account managementand reporting systems; we need regularly scheduled projectand account reviews.• Develop a project and account review process and holdregularly scheduled performance reviews.Issue 7. Our management team (senior and middlemanagement) lacks leadership.• Get leadership training for management.• Hire new management.Finance and Administration Issues and Response OptionsThe issues in finance and administration deal with financial reporting and operations. As shown inFigure 4.4, four major finance and administration issues were raised by the sample companies. Theseissues ranged in frequency from 60 percent (12 companies raised the issue) to 30 percent (6 companiesraised the issue). The leading finance/administration issue ''inadequate financial system" led the list. Abrief statement of these four finance and administration issues follows:1. Inadequate financial system (60 percent). "Our financial management andreportingfile:///C|/Documents and Settings/gasanova/Local Settin...Forward_MBA_in_Business_Planning_for_Growth/e-book.html (68 of 219)16.02.2005 13:54:23
Philip Walcoff - "The Fast Forward MBA in Business Planning for Growth"Figure 4.4Percentages of companies raising major finance andadministration issues.system requires upgrading; this is hurting our financial position and not effectively providing ourcorporate management and operating organizations with timely and accurate financial information."2. Costs out of control (45 percent). "Our overhead is too high; we need to take better control of ourcosts."3. Lack budgets and rates (30 percent). "We need to develop budgets and rates and a system to trackthem."4. Not investing in our growth (30 percent). "We're not investing in our growth; we need to make aninvestment (perhaps raise capital) for space, equipment, automation, facilities, staff, technology,marketing, and so on."After defining your finance and administration issues in Exercise 7, define approaches to eliminatethese issues in Exercise 8. Table 4.4 presents suggestions for dealing with these four finance andadministration issues.Page 54file:///C|/Documents and Settings/gasanova/Local Settin...Forward_MBA_in_Business_Planning_for_Growth/e-book.html (69 of 219)16.02.2005 13:54:23
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