Written by Crystal Lee
Sometimes the most profound truths are quite simple. And, as it pertains to business, the simple truth is that the value of a business is ultimately judged by its ability (or inability) to make a profit.
To put it another way, Money Talks!
The last blog series revolved around the advantages of businesses utilizing an Integrated Business Plan (IBP). We have touched on how an IBP promotes a healthy work culture, improves communication between departments, and ultimately leads to more confident decision making. But ultimately, money talks; at the end of the day companies that link strategy to planning and execution stand to make more money than those who don’t.
In previous posts, we have explored the importance of the Demand Review and the importance of creating a culture that is unafraid of honesty and transparency. We have examined how utilizing story-telling and providing clear visuals increases confident decision making at the executive level. But again, when it is all said and done the real benefit to such enterprises is a business that enjoys greater financial performance and a better way of life for its employees!
Integrated business planning increases workforce focus, and actually encourages companies to seek out blind spots within business projections that will threaten the objectives and strategic plan of a company. Having a culture that is unafraid to recognize potential pitfalls could mean the difference between losing or saving millions of dollars, and money talks!
While numbers can be manipulated when not presented adequately, it does not change the fact that numbers are incapable of lying. When performance data is shared creatively, concisely, and visually then numbers will finally be empowered to tell the story of your business.
The next blog series coming your way will examine the IBP process from the vantage point of a CFO. How should this critical leader consider and leverage an Integrated Business Plan? This is wildly relevant as we head into financial planning season, and the story of your business as told by the numbers is of utmost importance.
Remember, Money Talks!