From Financial Management to Business Management

As contractors go through different stages of growth it often makes sense to expand the financial management role into more comprehensive business management role.

D. Brown Management Profile Picture
D. Brown Management
April 7, 2018 1 minute read
Share
Leadership Tools: Financial Management to Business Management.

At exactly what stage a contractor starts to expand this role depends on:

  1. Volume or work
  2. Complexity of work
  3. Complexity of the regulatory environment the contractor operates in
  4. Best Return on Time for other operating executives who are currently doing these functions

Of all these the best Return on Time for other executives is often the most overlooked.  Consider how much time some of these functions take other people in the organization.

Could their time be better spent:

  • Connecting with customers to help develop business?
  • Improving project execution?
  • Spending more time developing talent to build capacity for the future?

A fifth major factor includes succession - sometimes the owner/operator of the company is doing so many of these functions or managing so many direct reports that a clean succession is nearly impossible.  

Schedule a call with us to see if this makes sense for your organization

Contractor Exit Strategy 1 of 6: Winding Down or Liquidation
Contractor Exit Strategy 1 of 6: Wind-Down of the Business or Liquidation. This “exit strategy” can mostly be seen as the lack of a clear exit strategy and plan.
Related Article
Decision Quality: Data Points, Accuracy, Confidence, and the Danger Zone
Decision quality IS NOT linearly related to information quantity. In complex environments with elements of uncertainty, data quantity quickly reaches a point of diminishing returns but increases decision confidence, which puts you into the danger zone.
Related Article
Early Identification is a Process - Effectively Using Checklists
Few things will improve customer satisfaction, profitability, cash flow, risk, and team stress more than early identification of change orders. This is a process and a trainable skill. Checklists are some of the most valuable tools in that process.
Related Article