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…)

Question of the month: How can implementing a Quality Management System based on ISO 9001 improve your business, organization, or department?

Frequently the ISO 9001 Standard is perceived to be complicated and heavy on documentation requirements. These perceptions are not necessarily accurate. The ISO 9001 Standard is actually very straightforward with simple requirements for procedures and records. The ultimate goal, however, of implementing ISO 9001 should be to create an organization that continually improves. (more…)

Implementing the ISO 9001 Standard as a Quality Management System can improve your business. In fact, that is why it was created. It is broadly recognized as a proven method of using a systems and process approach to make your business better. It can make your organization more effective, and therefore more competitive. (more…)

Why should your organization use the ISO 9001 Standard? An honest reply can say a lot about how effectively the standard can improve your business. If you are using the standard as a marketing gimmick (a plaque on the wall; a logo on a website), or just because a customer requires it, then the standard will be a burden, not a benefit. If the honest reason for implementing the standard is improvement, then it can truly help your organization become better. (more…)

In this series our topic is how to write procedures: what advice do we have to give about writing procedures? Most importantly - employ the writing process. The writing process considers activities that successful writers engage in while producing a piece of writing, and it applies whether one is writing an essay, a business letter, or a procedure. These writing activities are typically divided into three steps or phases – Planning, Drafting, and Revising. Having covered Planning and Drafting, let’s turn our attention to Revising. (more…)

Recently we published a series of articles covering why you need policies and procedures, and it included how to decide when you need to create procedures. Now that you understand why you need procedures, let’s talk about how to write procedures. (more…)

You may be familiar with the COSO (Committee of Sponsoring Organizations of the Treadway Commission) framework for internal control. We have discussed it in past articles, and it has received significant attention when referenced by the Securities and Exchange Commission (SEC) and the Public Company Accounting Oversight Board (PCAOB) as an example of an “internal control” system as required by Sarbanes-Oxley Act (SOX) sections 302 and 404. (more…)

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…)

In the past few weeks we have been covering important elements of finance processes, including internal control systems as prescribed by Sarbanes-Oxley, and the importance of capital planning to ensure key high level financial facets such cost of capital and return on assets have established goals and are being measured. (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…)