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Eamonn Percy
Feb 18, 2021
In Public - Ask An Expert
Check out the Workforce Reset Resource from the Surrey Board of Trade
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Eamonn Percy
Feb 16, 2021
In Public - Ask An Expert
While these may vary by sector and stage, here are a few financial indicators that I look at and are applicable across many situations: • Revenue (most recent period and change from previous period) • CAGR (Compound Annual Growth Rate) for a key metric • Gross Margin % (Revenue - COGS / Revenue) • Acid Test Ratio (Cash+A/R+S/T Investments / Current Liabilities) • Current Ratio (Current Assets / Current Liabilities) • Net Profit Margin (% of Revenues remaining after operating expenses, interest and taxes) • Cash and Working Capital Measures (i.e. A/R, A/P and Operating Cash Flow Ratio)
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Eamonn Percy
Feb 16, 2021
In Public - Ask An Expert
First, ensure your current customers are well served. If you take them for granted, they will be taken from you! It is always more expensive to acquire new customers than maintain your current customers. Find ways to sell them more by building trusted relationships and understanding their evolving pain points. Build a customer community. Remember there is a big difference between selling and closing, so don’t forget to ask for the money. Secondly, start cross selling additional products or services to existing customers. Be respectful of the relationship and don’t get too aggressive and risk the base. Develop new products by leveraging your current portfolio. This will be a lower cost, faster method to access the market and increase sales. Prototype or test concepts with loyal customers/prospects and incorporate the feedback. Ensure your sales infrastructure is solid, including: exceptional sales professionals; effective sales process; CRM technology; key metrics; operational systems; and financial controls. Finally, with this stronger base of customers and products, branch out to new customers. Leverage referrals, your brand and sector knowledge. Review your strategic M&A growth options. Operate from a strong base, iterate products, expand sales channels, and of course, build a strong e-commerce platform. If you are the CEO, you should be spending 50% of your time on sales, perhaps a little less if you are more established, and substantially more if you are a startup
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Eamonn Percy
Feb 16, 2021
In Public - Ask An Expert
1. Focus on building the right team before the mission. By getting the right team in place first, people will feel that they are part of the bigger picture and be more committed to its achievement. 2. Build a superior branded company so that the best people come to you, rather than you going to find them. This saves time and money, and they tend to bring their top colleagues with them. 3. Build a team with the right people and skillsets that complement one another, and are necessary to achieve the task. Avoid hiring people who are like you or who share your personality traits. Hire for the skills and traits necessary to achieve the mission. 4. Build a team that truly supports and trusts one another, so it’s not a group of individuals, but rather a team with a common purpose. This process takes some time because it requires the formation of the team, a period of time for them to get to know one another, for that knowledge to turn into trust and, ultimately, for that trust to turn into action. 5. Ensure that each person on the team knows his or her role and responsibilities, and also that he or she will be held accountable for the execution of that role. Like a sports team, each person plays a particular role. They are supported by one another, but at the end of the day, each person has a position. As a leader, it is your responsibility to ensure that those roles and responsibilities are clearly defined, articulated, agreed to, measured and appropriately resourced over time. 6. A team needs to be rewarded for its actions. No one will work at a top-level without some incentive, including being appreciated for a job well done, because most of us are focused on doing something important. So your reward should be consistent with the team’s purpose.
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Eamonn Percy
Feb 10, 2021
In Public - Ask An Expert
Pick a recent period to review expenses.  At least the last two weeks or the last full month for which you had completed financial statements. It should be recent. Assemble a small working group of 3 or 4 managers, including your leading financial manager and operations manager (others may include a sales leader or other important role within your company). Create lists of all your expenses from your financial statements AND general ledger.  The finer the detail the better as it will show individual behaviours as well as general trends. Starting at the top, systematically review EVERY line item and expense. This is important, as you don't want to assume anything and need to understand how the money is being spent. Avoid the temptation to focus mostly on the big ticket items.  While I am a big fan of the Pareto Principle (80/20 rule), it is important from a leadership perspective to demonstrate to your team that you have the rigour to go through all the details. Be a mile wide and a mile deep! Review and discuss each expense and ask clarifying questions around how the expense creates value for the customer? Can be done differently? or is necessary at all? Engage your team in this process and determine if each expense item is a Go (continue), No Go (Eliminate it 100%) or Redirect (Reduce or consolidate). Upon completion, consider redoing your budget for the new reality and setting new targets. Communicate the process with everyone that needs to know and repeat it again in 3 to 6 months.
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Eamonn Percy
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