July is a perfect month to look back at the full-year plan established in January and re-forecast the balance of the year. While a “best practice” for any business is to monitor success monthly, at reaching targets established at the beginning of the year (Communicating and Monitoring Success at Reaching Strategic Goals http://cfotips.com/?p=26); there is additional value in reviewing your full-year plan to understand if you are reaching your goals?
Items for your consideration with references to topic specific CFOTips blog posts are as follows —
Review company success at generating revenue through marketing and sales
– Marketing Economics http://cfotips.com/?p=226.
-Activity Based Costing and Sales Management http://cfotips.com/?p=57.
-Bridging the gap between Sales and Finance http://cfotips.com/?p=133.
Review your company’s financial health
– For a Business – Cash Flow is King http://cfotips.com/?p=139.
– Bad Debt Strategies http://cfotips.com/?p=69.
Review if your company is operating efficiently and as expected
– Process Improvement to Eliminate/Contain Non-Value Added Costs in the Services Industry http://cfotips.com/?p=42.
-Internal Audits – “Inspect what you Expect” http://cfotips.com/?p=325.
Review customer accounts
-Relationship Development after the Sale http://cfotips.com/?p=353.
-The Voice of the Customer http://cfotips.com/?p=154.
Review your position in the market
– How You Compare, i.e. Competitive Analysis Tactics http://cfotips.com/?p=328.
If after this review you are confident that you understand the reason for any variance, plan for the balance of the year –
-Re-forecast your projections.
-Evaluate if strategies identified at the end of last year make sense for the balance of this year.
-Ensure optimal tax planning – state and federal.
Finish the year strong!© Copyright 2012 Regis Quirin, All rights Reserved. Written For: CFO Tips - What you need to know, to be a CFO TODAY!