How could the current financial crises been avoided? The answer is really easy: due diligence and transparency. (more…)

I heard an expression once that rang really true with me. It said, “If an employee is surprised by anything in their performance review, then you are doing a poor job as a manager.” We should all recognize the importance of good communication, but how good are we at executing and employing basic communication principles as managers? If any of your employees come into a performance review unsure of what is going to happen, then you should know you are not doing as well as you could. (more…)

When first taking a management position in an organization, it can be difficult to fully grasp exactly what your role is and how to fulfill it. The sad truth is that many of us have seen mostly negative examples of management and management styles, and few positive ones. Without proper role models it is difficult to step into those shoes. (more…)

Taking over a department can be challenging. You can see the potential, but if the department was not well-managed in the past then it may be in disarray. Disorganization is only the start of the problems. The staff may be demoralized and unproductive, goals are not understood – let alone being met. How do you get things on track? (more…)

Corporate scandals in recent years have lead to a flurry of changes in how we conduct business at many levels. The federal government has increased regulations for companies producing financial reports through the Sarbanes-Oxley Act (SOX), and internally many companies have increased the responsibility of the Board of Directors in overseeing the managing executives.

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In recent articles we have discussed several aspects of business finance.  Topics so far have included internal controls, capital planning, and managing working capital. While almost every business pays attention to financial performance, studies show that small and medium sized businesses in particular frequently do not engage in thorough financial planning - if at all.  (more…)

Last week we explained how profit is used to drive growth, which is one aspect to your cash needs. But what are you going to do with the excess cash from your business? Your options include purchase assets, spend it on various expenses, hold it in an investment account, pay down debt, or give it back to the shareholders. (more…)

Let’s say, just prior to taking a commercial flight, that you are talking to your pilot and discussing the technical aspects of the trip. During the discussion, you learn that the plane only has one instrument gauge – an air speed meter. “We just like to focus on one thing, and be really good at it,” explained the pilot. “After we get really good at regulating our air speed,” the pilot continues, (more…)

Leadership has been the theme of our recent articles and it was also an important theme at the ASQ St. Louis Spring Quality Conference. On conference day, the keynote address featured leadership, followed by a full-day of Leadership Track breakout sessions. Several of the pre-conference workshops focused on aspects of leadership as well. “Leadership is an important topic for an ASQ conference,” said Steve Mundwiller of Bizmanualz, Section 1304 Conference Chair. (more…)

Our recent articles have explored the topic of innovative leadership and its effect on an organization.  While good leaders who initiate structure and show consideration are typically successful, innovative leaders can take organizations to new heights.  (more…)