Step 1: Accumulate Company Information (Week 1)

Essential Initial Inquiries:

• What is the company’s legal entity structure?
• What types of taxes does the company remit?
• What is the organizational hierarchy?
• How does the company generate revenue?

Understanding the company’s organizational framework enables the provision of actionable insights that facilitate growth.

The Financial Leader as a Strategic Partner

The role of a financial leader extends beyond traditional number crunching. It’s about becoming a strategic partner, assisting the CEO in guiding the company forward. The Strategic Intake Evaluation provides a framework for this process, covering key areas for initial assessment. While not exhaustive, it focuses on the most crucial elements.

CEO Interview: Understanding the Vision

A crucial first step involves understanding the CEO’s 3-5 year vision for the company. Aligning financial strategies with this vision is paramount. Key questions to explore include:

• What are your biggest concerns?
• Where do you see the greatest opportunities?
• What are the most pressing challenges?
• What goals do you want to achieve in the next 90 days?

These insights empower you to proactively support the CEO in problem-solving and opportunity capture.

Management Team Interviews: Gaining a Comprehensive Perspective

To develop a well-rounded view, engage with key management personnel. Asking the same questions posed to the CEO helps identify alignment (or misalignment) in perspectives. Repeat the following questions:

• Where do you envision the company in 3-5 years?
• What opportunities should we prioritize?
• What challenges have you experienced?

Discrepancies between the CEO’s and management’s perspectives can highlight important insights or previously overlooked issues.

Goal Setting and Action Plan Development

Following the information gathering phase, establish broad goals without initially prioritizing them. Consider whether the primary focus should be on:

• Increasing profitability
• Improving liquidity
• Enhancing forecasting and projections

To ensure alignment and accountability, create a clear Action Plan, which can be a simple spreadsheet or task management tool. Begin by listing all tasks and ideas without filtering. As tasks are completed, maintain visibility of progress to demonstrate achievements and celebrate success.

This collaborative and transparent method ensures effective pursuit of goals within a 90-day timeframe, driving measurable results.

Resources:

Know Your Economics

Strategic Intake Evaluation

Creating an Action Plan

Guiding Principles for Recruiting a Star-Quality Team