Category: Management/Ownership

Mistakes Manufacturing Companies Make

Job costing, cost accounting, manufacturing costs, what does all of this mean? Oftentimes, job costing, cost accounting, and manufacturing costs are used interchangeably. As a manufacturer, it does not matter what you call it. But it is critical that as a manufacturer, you capture all of your conversion costs. Simply put, you are taking raw material

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How HR Impacts Your Business

Not too long ago, the Human Resource (“HR”) function was a clerical position that focused on helping the management team set appointments to interview prospect employees looking for work. Or they kept track of hours worked for a company. But those days are gone. HR impacts your business in ways that it once had no

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Do You Hire a Controller or a CFO?

Many people use Chief Financial Officer (“CFO”) and Controller interchangeably because they think it is the same position. In some companies, a Controller could be the top financial leader. But that does not mean they are a CFO or CFO-level. Before we answer the question of do you hire a Controller or a CFO, we

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Recruiting vs Staffing

Difference Between Recruiting vs Staffing The difference between recruiting vs staffing is that recruiting is acquiring talent to be a full-time employee. Whereas staffing is the hiring of an agency to provide temporary workers. Recruitment / Placement There are many recruitment agencies or placement agencies. It may also be referred to as a retained search. They

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What is a Staffing Agency?

See also: Recruiting vs Staffing What the Current Hiring Process Costs When You Know It’s the Right Hire What is a Staffing Agency? A staffing agency is an entity that has employees that can be hired out for temporary or long term work. A staffing agency is also referred to as an employment agency. It

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Culture Drives Financial Results

As social media and search engines become more intelligent and prevalent, companies are battling the image that others outside the organization see as well as what employees feel. Entrepreneur Magazine even said that, “Company culture is more important than ever. It’s not that company culture was ever unimportant, but it’s quickly proving to be a

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7 Ways Your Company Can Be More Like Amazon

As we transition into Quarter 3 of 2017, companies are already planning for what 2018 is going to look like. Over the past year, we have seen a lot of change in the business landscape. Amazon acquired Whole Foods and dramatically sliced prices. Apple released not just one, but two iPhones in the past month.

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Why You Need a New Pricing Strategy

Larry is operating a lemonade stand, and he thinks that his lemonade is the most valuable drink available. Because he interprets his lemonade as highly valuable, he decides to charge $85 for a glass of lemonade. Larry wonders why no one buys his lemonade. Although he may seem highly profitable when you work out his

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How Businesses Can Prepare for Natural Disasters

How businesses can prepare for natural disasters in the future and how to best react to them is something financial leaders and business leaders often neglect to address until after the fact. Hurricane Harvey made landfall almost two weeks ago on the Gulf Coast of Texas and Louisiana, impacting some 50 counties. It dumped an

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Is Centralization Dead?

If you’re an entrepreneur, you’ll find that when you start your business you must decide on a structure – centralization versus decentralization. If your business expands, how will you control it? Will you have an office? Is it required that your team works at the office in order to drive value? As a business owner

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Do you need to be a CPA to be a CFO?

Not too long ago, the Academy Awards took place, and they played reels of the Academy Awards that happened in the past 80 or so years. It reminded me of the time when I showed my grandson an old western movie… I thought some of the parts were hilarious, but my teenage grandson was horrified by

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A Tinder Moment: Unlocking Value from Vendor Partnerships

At The Strategic CFO, we believe in the saying “You scratch our back, we scratch yours.” Everyone always sees other businesses as a competition; to some extent, they are. But sometimes, you just need to let people make money. As we’ve become more focused on optimizing technology, we have started to outsource tasks/projects to outside vendors nationally and,

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