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Hi and welcome to Be The Flagship with our podcast host Jeff Parsons.

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This is where we tackle the day-to-day talent management challenges you face, particularly

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in hospice and small healthcare organizations.

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And now over to our host.

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Take it away Jeff.

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Hello, hello.

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I'm Jeff Parsons and welcome back to Be The Flagship where we focus on all things operations.

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Today we're continuing our discussion with guest speaker Jeff Smith.

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And in this episode, you don't want to miss it, in this episode we're focusing on how

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to create a dynamic finance strategy that will drive operational excellence and support

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achievement of business goals.

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So can't wait to get started again Jeff.

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Thanks again for being with us.

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Glad to be back.

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But before we do get into strategy Jeff, let's talk about the role of technological integration

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and its impact on finance and operation.

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So Jeff.

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How can technology and tools enhance operational decision making?

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Yeah.

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So I've had the, I'm not sure whether to call it the pleasure or the misfortune, implementing

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a whole bunch of business systems in my career.

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Okay.

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I've implemented Oracle, I've implemented Microsoft Dynamics, I've implemented some

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lower tier ERPs.

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One of the beauties of an enterprise resource planning system is that it integrates both

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operations and finance, right?

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It takes your inputs, your inventory, your transforming resources and helps you to plan

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out what you need to do and when and feeds directly into the accounting system.

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The downside is that when things go wrong, they go drastically wrong.

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And so you'll hear in a lot of manufacturing operations that MRP stands for more wrong

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parts.

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Right.

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And the reason for that is that if you have error in your flaws in the logic of your ERP,

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it's going to drive signals that are incorrect.

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And so technology has helped us in so many ways, but we still have to understand the

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fundamentals behind it in order to generate the right results.

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Yeah.

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I've gone through systems implementations before and on the surface it sounds, oh, this,

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you know, we stopped using this system, we start using the new system, but nothing is

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that easy, right?

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You know, and everyone ought to have at least one ERP implementation on their resume.

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Just one, but everyone should have at least one.

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It's a character builder.

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Yeah.

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Yeah.

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So before we talk about finance and strategy, there are a couple of other things.

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So can you share any examples or case studies where strong financial management significantly

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improved operational outcomes?

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We talk about a hundred of them, but...

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I'll take one.

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Yeah.

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So sure, I walked into a company as a new director, I was coming into an MTC that was

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previously filled by somebody who'd been with the company for a long time.

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Okay.

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So one of the things that I do when I come into a new position is that I spend a lot

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of time with the balance sheet because the balance sheet will tell you a lot of stories.

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Okay.

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So I, you know, first I look at the account reconciliations, make sure that the account

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reconciliations are done and that I understand them and that the detail behind them is true

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and accurate and has reasonableness to it.

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In this case, one of the things that I noticed was that there was no allowance for bad debt.

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Okay.

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So I went and asked them about it and they said, well, we don't have bad debt.

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And I'm like, okay, well, that's an interesting take on it.

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So I put that in my little risk register.

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Right.

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You know, there was other aspects to the balance sheet that were not making sense and that

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needed to be cleaned up.

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Okay.

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So started digging into accounts receivable and I realized that there was stuff on the

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accounts receivable that was years old, not just, you know, out 90 days, it was years

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old.

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Okay.

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And so I'm like, well, you don't have bad debt because you don't write anything off.

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So, one of the things that I did was I signed down and with the accounts receivable people

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and we put together a plan and I said, we got to get rid of the noise, the stuff that's

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truly not collectible.

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We need to write it off.

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We need to take that up to the senior leadership team and explain why we're writing it off.

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And then of the old stocks that is, you know, doubtful, but we still need to work at, let's

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work it.

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Mm-hmm.

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And let's take a very structured approach to it.

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And so in a period of six months, I took our accounts receivable from, I think it was $60

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million down to about $30 million.

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Oh, wow.

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Of which we collected about 20 million of it.

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Oh, wow.

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And we wrote off the other.

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So that had very real impacts on our cashflow, right?

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And it had very real impacts on the results of the business.

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So and by taking and focusing the conversation, focusing the department, we were able to increase

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our cashflow.

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We were able to get our accounts receivable down to something that's manageable and explainable

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and more accurately represent our financial statements, our income statement, our bad

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debt.

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So...

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Great example.

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I mean, that's $20 million.

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That's truly a significant impact, right?

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Yeah.

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Yeah.

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So, you know, let's get this out of the way before we talk about some of the higher level

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finance functions.

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So from your perspective, what's the difference between finance and accounting?

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Okay.

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So it depends on where you go.

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I've worked in companies where there's a hard line between finance and accounting.

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So accounting in those companies, accounting took care of the historical and the outward

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facing aspects of reporting.

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Okay.

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Whereas finance was more focused on the managerial side of it, the forecasting and budgeting,

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the management statements that are not necessarily generally accepted accounting principles.

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They can be more flexible that way.

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Okay.

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Right.

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Whereas the accounting is all within those guidelines of what they call gap.

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Yeah.

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Right.

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So in other areas, in other companies I've worked in, there's a blurring of the lines

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between finance and accounting.

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And that's where I function best because they are not distinct.

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One contributes to the other.

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And so there is the reporting aspect that goes external, but there's the management

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accounting aspect, the controls and the reporting and the cost accounting that all goes into

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the results of the company.

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And those two have to really reconcile.

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Okay.

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You can't have management reporting that is not related at all to the external reporting.

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Right.

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Right.

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So they're really closely related, but one is more internally focused, one is externally

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focused.

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Got it.

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Which is again, a nice segue to talk about strategy because based on your description

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or differentiation between accounting and finance, I would see the role.

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I know that accounting feeds into strategy, but I would say that the finance leader is

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the person who's really holds the responsibility for working with senior leadership and the

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rest of operations to develop strategy.

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Correct.

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So you'd have a great finance person who thinks very strategically, who's not the best accountant.

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They understand the role of accounting and they know it's important, but they don't really

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want to go down and do that level of work.

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That is correct.

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And you can see a lot of accountants who are really great accountants, but they don't really

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think, they think very tactically.

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They don't think very strategically.

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So that leads us perfectly into the next topic, which is finance strategy.

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But before we get there, let's take a quick break.

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Is your team in need of alignment?

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Do you need to develop your team through a team building event?

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If so, contact a team building expert today.

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Contact Jeff at 1-800-530-4189, extension 101, and take your team to the next level.

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Okay.

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So we are back with Jeff Smith.

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So Jeff, so I know that you've presented it before on this topic, Jeff, on finance strategy.

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And I'm familiar that you delivered a presentation to a conference of professionals.

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You know, it was called Strategy 101 and you've been kind enough to share that presentation

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with me.

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And I'd like to have you walk through some things for me if you don't mind.

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You know, when I look at the first slide of the presentation you made, you know, it was

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like 48% of all organizations fail to meet at least half of their strategic goals.

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You know, that's a broad statement.

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48% fail to meet at least half of their strategic goals.

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Why do you think that's the case, Jeff?

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Well, I think there's a couple of things.

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The first one is, and let me lay out kind of a situation for you, is the annual strategic

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plan usually starts in May, wraps up in June, right?

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Or sorry, March and ends, wraps up in June.

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So it's roughly a three-month period.

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One quarter of your year is spent in focusing on preparing the strategic plan, right?

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So your senior leadership team all gets together in a room and they talk about what's important,

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where they want to go, all that sort of stuff, all high-level stuff.

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And they get it together and they present it to the, either the shareholders or to the

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parent company or to some other group, right?

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And then they got to go back and tweak a few things and then do the final presentation.

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The strategy is accepted and they go out for a beer.

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They congratulate each other on a job well done.

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But then the next day they've got to go back to their operation and they've got an operation

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to run in the four disciplines of execution, they call this the whirlwind, right?

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The whirlwind takes over your life, right?

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So all those things that you said were important for the future take second priority to what's

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in front of you right now.

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So a study of senior leadership people that should be working on strategy spend less than

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one day per month working on strategy.

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Wow.

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So one day of 20 is 5% of their time working on strategy.

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Should be at least 30% of your time working on strategy, right?

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Right.

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So one of the things is that people are not focused on the strategic plan.

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And so what happens is that after that celebratory beer, after the presentation, the strategy

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strategic plan goes on to the bookshelf.

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And then the next March they pull it off the bookshelf, they blow the dust off it.

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What did we say last year, right?

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Right.

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The other thing is that the economists interviewed a whole bunch of executives.

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They said that they struggle to bridge the gap between strategy formulation and day to

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day operations.

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So what am I doing today that supports the strategy that I said was so important to the

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future of the business?

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And they struggle to make that connection.

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And I think that's where the real magic happens in my experience is that strategic planning

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happens typically March to June.

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And then in September you start your operational plan.

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And the operational plan is what am I going to do next year, right?

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But there's often a disconnect between those two planning processes.

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One is a lot of what businesses do I want to, what markets do I want to compete in,

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what products do I want to bring to market, all those sort of high level things.

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Because the operational plan is how much is it going to cost me to make the things that

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I, sales is saying they're going to sell, right?

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And so bringing those two together, I think is where the magic really happens in achieving

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strategic goals.

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So what is, again, this sounds like an obvious question or answer, but what is a strategic

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plan?

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Well, really a strategic plan answers the questions of what business do I want to be

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in?

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And how do I want to compete in that business?

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What products am I going to bring to market?

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Well, it really answers the question of what problem am I trying to solve?

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Every good business is solving somebody else's pain.

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I need to get from point A to point B. I need to buy a car, right?

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So an auto manufacturer is solving at its root the problem of transportation.

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It's also including other things like when you add in all the creature comforts and the

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status and all that sort of stuff, it's solving multiple issues, but at its core, it's solving

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the transportation issue.

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Gotcha.

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Okay.

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So what are the steps in creating a strategic plan?

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I know there are several steps involved.

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Walk us through those steps.

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Really, it starts with making sure that you're aligned with your mission, your vision, and

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your values.

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Why am I in business?

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What am I trying to solve?

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What is the overall the big why?

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Your vision is what do I want my business to look like?

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How do I want people to perceive my business?

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And then values is how do I want to operate?

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What are my ethics?

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What's my social responsibility?

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How do I view the customer, my employees, my vendors, my stakeholders?

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How do I interact with those?

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Okay.

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Mm-hmm.

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So every strategic plan has to be consistent with what our mission is, what our vision

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is, and what our values are.

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And then we look internally.

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We do a self-assessment, and we can use different tools like SWOT or GAP analysis or to look

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at what our current state is and what our current results are so that we have a baseline

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of where we want to go.

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We then look to the competitive environment of what's going on around us.

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Is our product unique or does everybody make one?

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Who are my suppliers?

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Who are my customers?

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Are there people that can come into my business and take it over and eat my lunch?

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Or is there substitutes that you can have that instead of buying my product, can buy

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one that's kind of like it, right?

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Right.

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And so there's all these forces that are at play within the competitive environment.

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So armed with the knowledge of the self-assessment in the competitive environment, where do I

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want to go?

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That's the planning phase.

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What are the activities that I need to do today, tomorrow, next year, the year after

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in order to get to where I want to be into the business that I want to compete in?

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And so you've put together this plan and you put goals in place, milestones and KPIs and

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other metrics, right?

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Then there's the execution phase.

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And that's the one that we just talked about where people fall off, the wheels fall off

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the bus.

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And that execution is just so important.

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You set priorities, you set accountability, you communicate, right?

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And then there's the optimization phase.

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You should be reviewing your strategic goals on a regular basis.

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You update your strategic plan every year.

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I've worked in companies where the strategic plan from last year is completely different

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than the strategic plan from this year.

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Strategic plan should be an evolutionary sort of thing where you're reviewing what's working

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well, what's not working well, has the environment changed?

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What do I need to adjust to continue to move towards that strategic goal?

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It shouldn't be throw out the old plan and build a whole new one, right?

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Right, right.

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Overlaying all of that is communication and behavior.

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What is the words and the actions of the senior leadership team telling the operation, right?

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Because we can have a plan and it can sit on the shelf and look all pretty, but unless

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we're living it and speaking it, it's not gonna do anything.

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Right.

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Our people are not going to follow unless they know where they're going.

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Right.

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That's right.

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So, yeah, it's more than, it's a process.

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The planning is actually a process, not an activity or an event.

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Correct.

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Okay.

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So, we mentioned tools for assessment, internal assessment, but Jeff, if you don't mind, let's

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pick up here next week in our next episode in finance and operations and talk more about

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tools for internal assessment and help you assess where you are compared to where you

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want to be.

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Let's take one more break and then I'll come back and we'll wrap up.

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Thank you.

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Are you in need of interim HR support?

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Would you like to transition your performance management process to a performance development

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process?

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Are you interested in implementing a robust succession planning process to create an internal

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talent pipeline?

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Need a wage survey or an employee satisfaction survey?

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We have over 30 years of HR and talent management expertise.

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Let Flagship Talent Solutions help you today.

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00:24:44,240 --> 00:24:50,240
To learn more, contact Jeff Parsons by email at jeff at flagshiptalent.com or by phone

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00:24:50,240 --> 00:24:55,320
at 1-800-530-4189, extension 101.

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Okay.

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We're back.

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So thanks again, Jeff, for your contribution today.

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And don't forget, you can contact Jeff Smith at jeff.smith at dynamicstrategylc.com.

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That's Jeff.

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It's spelled G-E-O-F-F dot Smith at dynamicstrategylc.com.

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Join us next week for the third episode in this series, Finance and Operations, with

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our guest speaker, Jeff Smith.

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Until then, be the flagship in your organization.

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Thank you for listening to this episode of Be the Flagship with Jeff Parsons.

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We hope you enjoyed it.

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If you did like it, please subscribe and share with others.

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Until next time, take the step to become the flagship in your marketplace.