My finance mentor definitely signifies “profit through people.” I learned more from him about how to make a profit in the years we worked together than the entire time it took to earn my BSBA, MBA (in finance), and all the training classes I took over the years combined. He took all the complex terminology, confusing formulas, and mumbo-jumbo and turned it into a goldmine for anyone interested in listening/ learning. Since it’s increasingly difficult to turn a profit and deliver goals in this economy and with increasing competition the norm, I thought it would be valuable to pass along a few lessons learned.
I’ve seen many examples of companies and executives running around in circles trying to solve financial problems, deliver cost savings, and find a way to turn a profit or increase profit to the expected goal. Everyone is working very hard and long hours, and yet nothing substantial changes. How do you breakout of that cycle? And, of the zillion items you could focus on every day, which ones would make a difference to improving profitability?