GreenSearch People: Midterm Exam For Company Owners

ATLANTA - It's that time of year to take a midterm exam assessing your copmany's success thus far.

Larry Fish

Published August 09, 2001

[Go To GreenSearch]ATLANTA - It's that time again. We are halfway through the calendar year. For those of you whose fiscal year is the same as the calendar year, this is an important milestone. Half the year is gone and it's time to examine whether or not the second half of the year will be as fruitful as the first was (if it was).

Maybe it's time to get those things done that we have been thinking about but never have had enough time to do. Every indicator in our industry points to the fact that the level of competition is going to be raised considerably as the formed acquisitions of several years ago flex their muscles and settle in to expand and develop their new markets.

Now may be the time for that midterm exam of you and your company.

PLANNING

  • Have you taken the time to define where you see the company going? Some call this a vision statement.


  • What will your company look like in three to five years, and will you still have the same passion and energy to lead it to the next level?


  • Who are your key competitors? What differentiates you from them? Is it a sustainable difference?


  • Suppose this economic boom slows a bit. What part of your business is vulnerable, and do you have a plan to deal with that situation?


  • Should you develop a new division to handle that growing segment of your business that is now being done by a sub-contractor?


  • Do customer surveys and feedback point to the same areas in need of improvement time and time again? Are you doing anything about it?


  • Are you one of those companies who believes that "no news is good news" when it comes to defining customer satisfaction levels and getting feedback?

FINANCIAL

  • Have you taken the time to develop and use a real annual budget complete with budget to actual information and comparisons of performance with the same period last year?


  • Do you track your progress against it on a regular basis?


  • Do you share this information with your management team so they see what you see?


  • Have you investigated industry-oriented software that will help you in the bidding, estimating and financial reporting areas? Is it sitting on your desk because no one knows how to use it?


  • Have you developed new ways to improve cash flow?


  • Is there a need to think about valuing your company? Who would do it, and how much would it cost?

ORGANIZATION

  • Do you have square pegs in square holes?


  • Are you still the first one there in the morning and the last one out at night?


  • Are any of your people capable of stepping up to broader responsibilities? If not, is it your fault?


  • What happens if you were temporarily incapacitated and couldn't come to work for a while? Who would carry the ball in your absence?


  • When is the last time you took a look at the "division of labor" in the company? Are you still expecting miracles from the "usual suspects" in the company while others, who are earning good money, seem to have plenty of free time?


  • Are you still losing the best and the brightest at the most critical times?


  • Is it time to review the structure and purpose of jobs whose current design may be choking off your growth potential?

SELF

  • Have you read The E Myth Revisited by Michael E. Gerber yet?


  • Do you plan to read it?


  • As your business has grown, have you grown along with it?


  • How have your personal and business priorities changed in the last three years?


  • Do you still do certain things in the company you like to do yourself, despite the fact that there are others who could do them just as well, if not better?


  • How much "think time" do you get?


  • If someone were to ask your key employees what they thought your top five strengths and weaknesses were, what do you think they would say?


  • Is running the business still fun for you?

Time is up. Please pass your exam booklets to your right. Grades will be posted in a week.

How did you do?

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