Tag Archives | analysis

Financial Ratios

See also:
Quick Ratio Analysis
Price to Book Value Analysis
Price Earnings Growth Ratio Analysis
Time Interest Earned Ratio Analysis

Use of Financial Ratios

Financial Ratios are used to measure financial performance against standards. Analysts compare financial ratios to industry averages (benchmarking), industry standards or rules of thumbs and against internal trends (trends analysis). The most useful comparison when performing financial ratio analysis is trend analysis. Financial ratios are derived from the three financial statements; Balance Sheet, Income Statement and Statement of Cash Flows.

Financial ratios are used in Flash Reports to measure and improve the financial performance of a company on a weekly basis.

Financial Ratio Categories

The following five (5) major financial ratio categories are included in this list.

  • Liquidity Ratios
  • Activity Ratios
  • Debt Ratios
  • Profitability Ratios
  • Market Ratios

Liquidity Ratios

Liquidity ratios measure whether there will be enough cash to pay vendors and creditors of the company. Some examples of liquidity ratios include the following:

Activity Ratios

Activity ratios measure how long it will take the company to turn assets into cash. Some examples of activity ratios include the following:

Debt Ratios

Debt ratios measure the ability of the company to pay its’ long term debt. Some examples of debt ratios include the following:

Profitability Ratios

The profitability ratios measure the profitability and efficiency in how the company deploys assets to generate a profit. Some examples of profitability ratios include the following:

Market Ratios

The market ratios measure the comparative value of the company in the marketplace. Some examples of market ratios include the following:

If you want to check whether your unit economics are sound, then download your free guide here.

Financial Ratios, Financial Ratio Categories, Use of Financial Ratios

Financial Ratios, Financial Ratio Categories, Use of Financial Ratios

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Working Capital Analysis

See Also:
Balance Sheet
How to Collect Accounts Receivable
Factoring
Working Capital from Real Estate
Quick Ratio Analysis
Current Ratio Analysis
Financial Ratios

Working Capital Analysis Definition

Working capital (WC), also known as net working capital, indicates the total amount of liquid assets a company has available to run its business. In general, the more working capital, the less financial difficulties a company has.

Working Capital Analysis Formula

Use the following formula to calculate working capital:

WC = Current assetsCurrent liabilities

Working Capital Analysis Calculation

For example, a company has $10,000 in current assets and $8,000 in current liabilities. Look at the following formula to see the calculation.

Working capital = 10,000 – 8,000 = 2,000

Applications

Working capital measures a company’s operation efficiency and short-term financial health. For example, positive working capital shows that a company has enough funds to meet its short-term liabilities. In comparison, negative working capital shows that a company has trouble in meeting its short-term liabilities with its current assets.

It is very important for CFOs and financial managers to look at trailing net working capital as a very important Key Performance Indicator (“KPI”).  If the trend is for your net working capital to decrease over the last 12 months, quarters or years, this may be an indication of a cash shortage and financial distress situation looming nearby.

Working capital provides very important information about the financial condition of a company for both investors and managements. For investors, it helps them gauge the ability for a company to get through difficult financial periods. Whereas, for management members, it helps them better foresee any financial difficulties that may arise. In conclusion, it is very important for a company to keep enough working capital to handle any unpredictable difficulties.

If you want more tips on how to improve cash flow, then click here to access our 25 Ways to Improve Cash Flow whitepaper.

working capital analysis
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General Ledger Reconciliation and Analysis

See also:
Account Reconciliation
Standard Chart of Accounts
Problems in Chart of Account Design
Cash Flow Statement
Income Statement
Subsidiary Ledger

General Ledger Reconciliation and Analysis Definition

Define a general ledger as the financial record of every transaction of a company. Commonly, it is referred to as the “books” of the company. In the general ledger, record each of the transactions twice as both a subtraction (debit) and addition (credit). The general ledger is the main accounting record of the company.

Consequently, general ledger reconciliation is the process of ensuring that accounts contained in the general ledger are correct. In short, reconciliation makes sure you place the appropriate credit and debit in the associated accounts. Seemingly simple, this process requires an experienced bookkeeper when applied to small companies. Complicated applications require the hand of a trained CFO or equivalent controller. In either situation, a general ledger reconciliation policy must by enacted to ensure consistency.


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General Ledger Reconciliation Explanation

Not every general ledger account has a detail subsidiary ledger to reconcile to. Monthly all balance sheet accounts should be analyzed for accuracy. In addition, periodically it may be necessary to reconcile revenue accounts, expense accounts and miscellaneous balance sheet accounts.

In these cases the procedures are similar to reconciling an account to a subsidiary ledger. Print a detail general ledger transaction report for the account. Then, eliminate reversing journal entries correcting errors. Finally, investigate any transactions that are unusual in nature. For example a debit entry or decrease to a revenue account would be unusual.

Finally, prepare a detailed schedule of transactions remaining in the final balance.

General Ledger Reconciliation Process

Some wonder “what is general ledger reconciliation?”. Others wonder how to do general ledger reconciliation. For bookkeepers, adhere to the following process:

First, study the accounting policy of the company. Ignorance to this is missing the essential foundation of the process; knowing the rules is key.

Then, gather information. These include receipts, invoices, account statements, invoices, and related financial reports. This data is the information the accounting staff puts into accounts.

Third, ask questions about the accounts. What items did the company purchase? Do they relate to company policy? Why are they included in the given account? When were they spent/made?

Finally, document your work. Proper documentation ensures properly reconciled accounts as much as it ensures effective bookkeeping in the first place.

General Ledger Reconciliation Template

A general ledger reconciliations template can be found at: Microsoft Templates.

The CEO's Guide to Keeping Score


Is your closing process as efficient as it could be? Access our Complete Monthly Close Checklist to use when closing your company’s or your client’s monthly books.

Periodic inventory System

 

Overhead Expense Reduction

Originally posted by Jim Wilkinson on July 23, 2013. 

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Customer Profitability

See also:
Identifying Profitable Customers
Segmenting Customers for Profit
3 Benefits of an Analysis of Customer Profitability

Customer Profitability Definition

The customer profitability definition is “the profit the firm makes from serving a customer or customer group over a specified period of time, specifically the difference between the revenues earned from and the costs associated with the customer relationship in a specified period” (Wikipedia). In other words, customer profitability focuses on the profitability of a specific customer. How much revenue do they bring in? How much time, resources, etc. do they require from your company? By calculating the profitability of each customer, you have some great business insights on productivity, resource allocation, etc.

For example, if your customer service department is overwhelmed with work, then you can assess the number of requests per paying client. If a customer that is at the towards the bottom for revenue and the top for requests, then you can conclude several things. Those can include that you need to either increase their price, fire that customer, or limit the amount of requests for that customer.


Click here to Download the Pricing for Profit Inspection Guide


The Purpose of Measuring Customer Profitability

Customer profitability is a key metric utilized to inform decision making in various areas of the company. These decisions affect the value exchange between the customer and the company. Once we measure the profitability of our customers, we are now able to understand who our customers are and how we make a profit. It can provide great insights on the business that lead to focusing on what is best for the customer.

How to Measure Customer Profitability

Before you measure customer profitability, you need to confirm how your company calculates revenue and expenses. Remember, Profit = Revenue – Expenses. Some companies recognize revenue when it is received (cash basis accounting). But we recommend that organizations use accrual basis accounting – or recognize revenue when it is earned. If you are bigger than a hot dog stand, then you should be using accrual accounting. In regards to expenses, it’s also important to allocate as many expenses through the customer as possible. Think about capital, debt, operational costs, etc.

Once you have figured out the respective revenue and expenses for a specific customer, then you are able to calculate its profitability. Next, you need an analysis all of your customers.

Customer Profitability Key Performance Indicators

There are various KPI’s that can help you understand how your customer profitability is doing at the moment. Here are examples of a few:

Average Revenue Per User (ARPU)

A measurement of the average revenue generated by each user or subscriber of a given service. Use the following formula to calculate the average revenue per user (ARPU):

 Total Revenue / Total # of Subscribers 

Customer Lifetime Value (CLV)

A projection of the entire net profit generated from a customer over their entire relationship with the company. Use the following formula to calculate the customer lifetime value (CLV):

Annual profit per customer X Average number of years that they remain a customer – the initial cost of customer acquisition

If your customer isn’t valuable or is costing you too much, then reassess your pricing. Click here to learn how to price for profit with our Pricing for Profit Inspection Guide.

Customer Profitability Analysis

Customer analysis, defined as the process of analyzing customers and their habits, is one of the most important areas of study in a business.

By observing the actions of various customers you start to see a trend of what your average customer is like and what their habits look like. This is a hint at who your target market could be. Behavioral trends amongst customers are important in how your company decides to carry on their marketing efforts. Once you analyze your customer base and determine your most profitable customers it is important to allocate the majority of your efforts towards them to make your most profitable customer your target customer.

Managing Customer Profitability

Managing customer profitability is larger than just the sales or fulfillment of product/service for the customer. It also includes marketing, finance, customer service, product, and operations. If you manage the profitability of customers, then you will have a better chance of catching areas of inefficiencies.

Areas to Improve Profitability

Some ways to improve customer profitability are to change the way you provide commission to the salesperson. Instead of paying their commission based on revenue, base it on the profitability. This can either be focused on the margin percentage (i.e. a sliding scale) or on the dollar amount in profits.

Why It’s Important to Manage

Managing customer profitability is important for various reasons, not only does it set you apart from the competition by providing more value to your customers, but it also improves the company’s revenues. When you manage customer profitability you are making the value exchange from company to customer more efficient and more profitable.

If you are looking for other ways to improve profitability, then download our Pricing for Profit Inspection Guide.

Customer Profitability Definition, Measure Customer Profitability

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Customer Profitability Definition, Measure Customer Profitability

 

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What Should Your Month End Reports Contain?

what should your month end reports containBack in the day, month end reports consisted of a income statement, balance sheet, and maybe a cash flow statement. These are the three statements that made up your financial statements for month end reporting. As technology advanced and people got smarter about tracking trends, analysis, and operations today, the month end report includes much more. In this week’s blog, I answer the question, what should your month end reports contain?.

We should not think of the month end report as just your financial statements. Just as the role of the accounting department and the role of the CFO continues to evolve, so should the month end report. The month end report should be a management report that captures key data that will be used to make decisions and drive the business. It should include much more than just your financial statements.

In today’s world, the CFO does so much more that count beans. They add real value to the company. Learn about the 5 Ways a CFO Adds Value.

What Should Your Month End Reports Contain?

The month end report should include the financial statements. But they should also include operational data, metrics, and dashboards that are both usable and meaningful. Remember, whatever data is provided should be used to make decisions.

In general, for a manufacturing facility your month end report might include the following:

I would argue that the above list is the bare minimum for month end reporting. Depending on your organization, you may have many other indicators that must be tracked at month end.

Having the right indicators will help you make better decisions and add real value to the firm. Access our 5 Ways a CFO Adds Value whitepaper to learn add value in 5 simple steps.

what should your month end reports contain“Analysis Paralysis”

Be careful though… Providing meaningful useful information at month end does not mean overkill with useless data. Time and time again I see businesses adopt dashboards and metrics, but they go to the other extreme and enter into analysis paralysis. What should your month end reports contain? Not so much that there is an overload of information that cannot be used effectively or at all.



Example of Analysis Paralysis

Allow me to give you an example… If you manufacture valves, your revenue is $10 million per month, and your related EBITDA per month is $1.5 million, then does it really make sense to track an expense line item that is $500? I would argue no. It costs you more time and money to track that item individually. If you do track it, then having that data will not lead to big decisions that are meaningful. All expenses and revenue line items are important, but that does not mean you need to track and analyze every penny. If you are a huge company and have a very expensive system that does all this automatically, then good for you.

There is a famous quote that I have used before, “a small leak sinks great ships.” I truly believe that. We do not want to have a small expense item that over time is a problem. But this blog is intended for your standard monthly close reporting and assumes you have your business in order so that you capture and put a stop to those small leaks.

Efficiency

The month end report should not be a binder 4 inches thick. The ideal financial report at month end should be one that the executive team can review in one hour and get a good feel for where the company is and where it is going. This will vary from company to company. In general, the report should be detailed enough to capture the most important items to make decisions, but condense enough so the management team does not spend a full day reading a large binder. Again, this will vary company to company. Some CEOs want the large binder, and that’s fine. Follow your CEO’s request.

The CFO and the accounting department are responsible for gathering this data working hand in hand with the operations. That is why I preach that a good CFO is actually someone that has a very good understanding of the operation. The Controller should also be someone that understands the operation. Furthermore, the CFO and the Controller should understand both the operation and the operating metrics. The CFO must full understand and interpret the operating dashboards and metrics before this information is passed on to the CEO.

When a CFO has a good understanding of the entire business, they are able to be more effective in their role. Learn about the 5 Ways a CFO Adds Value to take your role to the next level.

In Summary

In summary, your month end report should capture more than just your financial statements. It should also capture the following:

  • Capture key operational data
  • Capture information that is useable to make meaningful decisions
  • Key metrics and dashboards for your business and industry
  • Keep it short and sweet so the executive team can review this report in an hour or less
  • Careful not to overanalyze

If you want to add more value to your company, creating a great month end report is a good start. Learn 5 other ways to add value as a CFO with our 5 Ways a CFO Adds Value whitepaper.

What Should Your Month End Reports Contain

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What Should Your Month End Reports Contain

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Realizing Profit Potential

Over the years, we have asked our clients what business issues keep them up at night. Consistently, realizing profit potential was one of the top issues that kept business owners up at night. Is there money left on the table that hasn’t been realized? Is there potential that hasn’t been capitalized on yet? As a financial leader, it’s your job to maximize the profitability of your company.

Realizing Profit PotentialWhat is Profit Potential?

Profit potential indicates the capacity for a company to make more money in future business and trading transactions. I like referring to it as the monetization of your total capacity to drive earnings. Furthermore, profit potential measures the profit a company can achieve if all their operations are at peak efficiency. This includes pricing, efficiencies, operations, turnover, etc. Also, look at profit potential as the maximum revenue with the lowest possible costs. It’s important to keep in mind that “potential” hints at what a company can accomplish with ideal conditions. But most companies do not meet these conditions in reality. Also, be realistic about peak performance. For example, a manufacturing plant simply can not run at 100% capacity. There is down time for things like maintenance.

A great way to start realizing profit potential is to look at your pricing. Click here to learn how price effectively with our Pricing for Profit Inspection Guide.

Steps to Realizing Profit Potential

What are the steps to realizing profit potential? While I could probably write hundreds of different ways to realize a company’s profit potential, I have compiled a few steps that every small to medium size company can focus on first.

Focus on Throughput

Throughput is “is the number of units of output a company produces and sells over a period of time.” Remember, only units both produced and sold during the time period count. Profit potential lies between producing X number of products while simultaneously reducing operating and inventory expenses.

Do not forget to take into consideration your Total Units produced must consider down time for routine maintenance.

To calculate throughput, use the following formulas:

Throughput = Productive Capacity x Productive Processing Time x Process Yield 

Throughput =   Total Units    x  Processing Time  x  Good Units 
             Processing Time       Total Time        Total Units 

Analyze SG&A

Another step to realizing profit potential includes analyzing your company’s SG&A expenses. SG&A stands for Selling, General, and Administrative expenses. It is also known as overhead. When a company analyzes SG&A, they will realize this is the easiest place to looking for unrealized profit potential. Does your company have a large number of non-sales personnel? Are those employees needed to operate? If not, then merge responsibilities for those employees into the roles of essential personnel. Do you carry a lot of expenses that if cut would not disrupt either the manufacturing or sales processes? If so, then analyze whether those expenses are necessary or required.  Do you have sales people that are compensated with a base salary when it should be commission based?  How did you build your budget for SG&A this year? Did you just take last years budget and add 5%, or did you really analyze SG&A?

If you have cut all the SG&A possible and are still not profitable, then take a look at your pricing with our Pricing for Profit Inspection Guide.

Realizing Profit Potential

Know What Is Valued

Companies are giving away more value per dollar of revenue than ever before. That’s what marketing teams are being taught to do. However, many companies are giving value away without being able to actually afford it. Look at your minimum viable product. Is all the extra bells and whistles you are adding to your product and service actually adding value to your bottom line? Ask yourself whether customers would leave if you cut those extra “value-adders”. If you determine that they would not leave, then streamline your product and/or service.

Of course, I am not saying to decrease the quality or tear away value that is actually valued. However, companies should know what the company values. Then, they should focus on that. For example, Tesla offers an incredible experience with its technology. It’s no doubt that they have found value in their vehicle. But what if Tesla started including a fuzzy steering wheel cover? Their customers would probably think that the fuzzy cover is tacky and does not add much value. They want to feel the leather under their finger tips. Therefore, Tesla should stop spending money purchasing the unwanted fuzzy steering wheel covers for their customers.

Address Your Culture

Another thing that may be impacting your profitability is your company’s culture. When you address your culture, look at productivity, efficiency, accuracy, moral and the people.

For example, a sales driven firm knows they could be more profitable. They have reduced their costs and priced their products for profitability. However, there is still something missing. The financial leader walks through the sales department, factory floor, and ends up in the customer service department. There are no smiles, yelling, and phones slamming. Unfortunately, no matter how hard sales and operations worked, customer service representatives were loosing more customers than normal. The financial leader discovered that their culture was all about making the sale and delivering it. They did not value servicing customers or continuing to build a relationship with those customers.

In another example, a company noticed they were only focusing on the unprofitable or lower margin clients. The profitable customers did not have the same level of attention. Instead of loosing the unprofitable clients, they chose to pull back support and created a paid support program. If those needy customers wanted more support, then they were going to have to pay for it.

Analyze Pricing

Are you pricing for profitability? By now, you should have looked at your COGS and SG&A (or operating expenses). If you have already reduced those costs as much as possible, then determine if you are profitable or not. If you are still not profitable or as profitable as your shareholders want, then you need to make changes at the top – pricing. Access our Pricing for Profit Inspection Guide to learn how to price profitably.

Realizing Profit Potential

Realizing Profit Potential

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Mistakes Manufacturing Companies Make

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 and converting it to a finished good that is ready for sale. You need to capture 100% of those cost of converting the raw material. Most small companies start with the most basic bookkeeping, and that’s okay. But there are two huge mistakes manufacturing companies make that you need to avoid.

 

Eventually, you need to have proper accounting transactions and systems to capture all of those manufacturing costs to have accurate margins. Accurate financial statements and margins will allow you to correctly price your product and will allow you to make adjustments to your business. This is helpful when you have a change in prices of materials or labor, or if your volume throughput changes for whatever reason.

Mistakes Manufacturing Companies Make

In my career, I have seen two recurring mistakes manufacturing companies make that are related to accounting process, procedures and systems.

First, a company may not want to spend the time and money to improve their cost accounting and systems. As a result, this company will struggle forever. The managers of that business will not have accurate financial reports, and they will likely feel the pain when markets turn or are in a high growth situation. Remember, cash gets tight when in either a growth or decline pattern, especially if it’s not managed well.

Second, a company wants to improve the manufacturing cost accounting, but they overdo it. They want a report that tracks every penny and part, and they install a massive expensive system. Many times, they install the wrong system for their company because it was marketed as the best accounting system. This happens when companies do not spend the money to go through a system selection process. They all end up spending much more than the cost of the professional system selection and bust their budget.

Best Practices for Manufacturing Companies

As a manufacturing company, please consider the following as a best practices for your leadership to abide by.

Analysis Paralysis

You DO have to capture 100% of your costs to take raw material and manufacture a finished good. However, this does not mean you need a separate dashboard or KPI for every cost item. If it is not material and the outcome of the cost is not going to change your mind or cause you to make a business decision, then you may reconsider trying to measure it. Remember, everything you want to measure has a cost itself of measuring it. Not capturing 100% of the costs can be devastating to your company.  Remember the quote from Benjamin Franklin, “A small leak will sink a great ship.

Many business owners and financial leaders want to measure everything. But you should limit your key  performance indicators to those that will lead to business decisions! Click here to access our KPI Discovery Cheatsheet to identify those indicators that really drive value.

Margins

When you manufacture a product, you have your obvious direct materials and direct labor – measuring Cost of Goods Sold. This is absolutely crucial in a manufacturing company. But there are other costs that you need to measure. I am referring to your indirect expenses, especially your sales, general and administrative expenses. You also want to measure your gross margin and/or contribution margin and your Earnings, Before, Interest, Tax, Depreciation and Amortization (EBITDA). Consider the implementation of analyzing trends based on a trailing twelve months (“TTM”). This will help you spot trends in your business and financially lead your company. Do not forget your balance sheet. Everything ultimately affects cash and working capital.  Without cash and working capital, you will create a financial disaster. Do have KPIs for your balance sheet items that you want to measure.

Systems

Systems are an important part of having a productive and efficient accounting department. It seems that every year there is a new operating system that comes in to the market, and it seems that the developers of these systems want to expand into every market – beyond manufacturing and accounting. With all of these choices and with all of the talented sales people, you need to understand what the choices are for your business. It is worth spending the money to go through a system selection process.

Timing

Timing is everything in manufacturing. Consider the following timing of:

  • Throughput
  • Delivery of the finished good
  • When you modify your standard costs
  • How quickly you close you books and generate financial records that are accurate and serve as a tool to help you run your business
  • Collections so you have cash to place that next order of raw material

Employee Turnover

I recently quoted in a past blog that employee turnover in the U.S. has an average cost of $65,000 per year per employee lost. The number in a manufacturing environment is actually higher because there are often specialty skills that need to be acquired in manufacturing. So keeping a close watch on employee turnover is crucial in a manufacturing company.

Inventory

For whatever reason, inventory seems to be the “Achilles Heal” in many manufacturing companies. Companies either do not properly manage inventory, they have bad practices, or it just seems that it is never right. Once you establish a good process and reconcile inventory, it should be more of a maintenance routine if your people know that they are doing.  Consider the following for inventory:

Be Realistic About Inventory

Be realistic about what is obsolete inventory and good inventory. I know that companies, especially public companies hate to write off inventory.  But you are just kicking the can down the road by not dealing with it now.

Clean Up

Get rid of the junkyard! So many companies I have seen have a junkyard behind the manufacturing facility.  It has been there for years and all it does is accumulate rats, snakes and rust.  Liquidate it and get a scrap dealer to take it off of your hands. You can use that cash for door prizes at the next company party!

Stay Focused

Stick to your business and stay focused. Especially in closely held companies, some business owners waste money on the craziest things. I have saw hundreds of old mopeds (remember, these are bicycles with a weed eater motor) in the back of a large industrial manufacturer. The owner got a “great deal” on them, so he purchased them to resell. The problem is that the initial transaction happened 7 years ago. I also saw a massive specialty machine that cuts steel in the back of a pipe manufacturer because the owner thought he could open a new line of business cutting huge pieces of steel. This machine was two stories tall and weighed thousands of tons. Still to this day, I have no idea how they ever moved it. In addition, the owner never got the new line of business started because there is not a building big enough on his property. The machine has not run in 10 years.

Physical Count

Establish strict physical counts quarterly or at least annually. Have the right team of people conduct the physical count.

Adjustments

Make adjustments to your inventory, and get it over with. Write it up or down in your accounting records.

Segregate Inventory

Segregate your inventory. There is something beautiful about walking into a manufacturing facility and seeing exactly where the raw material, work in process, and finished goods are. Keep obsolete inventory in a separate area that is clearly marked off. Tag and count everything!

Hire a Good Cost Accountant

Cost accounting is a specialty area within the accounting profession. Unfortunately, not every accountant or controller knows cost accounting. Yes, hopefully most accredited accounting programs at universities cover cost accounting, but that does not mean the person you are hiring is a cost accountant. Someone with good manufacturing experience and understands cost accounting is worth his weight in gold. This person will add value to your bottom line.

In the meantime, start measuring and tracking your KPIs. Download our free KPI Discovery Cheatsheet and start tracking your KPIs today!

Mistakes Manufacturing Companies Make
Strategic CFO Lab Member Extra

Access your Flash Report Execution Plan in SCFO Lab. The step-by-step plan to maximize profits.

Click here to access your Execution Plan. Not a Lab Member?

Click here to learn more about SCFO Labs

Mistakes Manufacturing Companies Make

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