Accounting departments are responsible for more than just keeping financial records. Increasingly, chief financial officers are in charge of cost-cutting strategies for their companies.
There are two categories of commercial companies – income and expenditure. On the revenue side include sales and marketing and other activities whose purpose is to generate revenue of the company. Half of the expenditure, for example, the administration, operations and personnel, whose task is to manage the costs of doing business.
Such strategies often involve cutting jobs and ending projects, but these are easy short-term fixes that can often fail to address more serious structural issues. Worse, short-term cuts may actually endanger a firm’s potential for growth. For more effective ways to reduce costs, financial officers should carefully and objectively review all of a company’s costs and cut expenses in areas with a long-term strategy in mind.
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Technorati Tags business spending, collection agency, strategic planning
For the most part, salespeople are not concerned with or committed to corporate initiatives in which they had no input. Their real commitment is to generating sales and earning commission- end of story. If a salesperson falls short of his “new business” quota, for instance, but is above quota with existing customers, in his mind, he is still “hitting his numbers”. Therefore, if you are a sales manager for a business your responsible for translating corporate initiatives into specific department goals, it is imperative that you invest time developing a detailed plan of accomplishment to accompany the quotas you assign. Most importantly, make it a point to involve your sales team in the planning stage. After all, they will be responsible for making the plan work.
You can’t have all the answers and knowledge regarding markets, customers, and products. Involving the people in your business in the planning process can provide you with additional perspective and insight. And, more significantly, their participation in the development of the plan gives them ownership in it which increases their buy-in and commitment to it.
Burt and Associates
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Technorati Tags strategic planning
