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When a new technology is first implemented by a group of trailblazer companies, success is far from guaranteed. Success and satisfaction are seldom found in this group of companies. However, as the technology gets old and commonplace, the success rate generally goes up. In fact, the larger the company and larger the project, the more likely project failure is. The reality is that larger projects routinely...
The corporate governance paradigm has shifted dramatically when it comes to a company's executive remuneration. Management tended to take the lead in recommending pay increases, negotiating new employee contracts, and designing new incentive programs. Human resources would collect and analyze benchmark data from published surveys or the proxy statements of peers to assess the competitiveness of the...
This chapter discusses notable pay‐for‐performance frameworks developed in recent history. Based on real‐life company experiences, the chapter identifies a set of best practices that companies should follow in developing a performance measurement approach that fits with the strategic context of the business. There is no single perfect performance measurement solution because there are no two businesses...
This chapter discusses the best way to set the performance targets that determine incentive awards when the context for that performance has yet to unveil itself. Performance metrics need to be translated into specific, measurable targets at the beginning of each performance period—an activity that many companies struggle with year after year. The key is to set goals that are challenging enough to...
For leaders of small and mid‐size companies, revenue growth requires some personal growth. In this chapter, the author narrates his experiences to highlight that one of the most important first steps is to identify why we work, who we work for, and to be consciously aware of it while we work. The author narrates the migration of his family from Ukraine to the United States when he was a child. The...
Accountability separates the fastest growing companies from the slowest growing ones. The most successful companies, the fastest growers, hold their people accountable the most. This chapter explains the differences between the two groups of companies. The fast growers had owners and management who told their people that they expected them to take one communication action a day and followed up to...
In this chapter, the author highlights that your customers speak more positively about your products and services than you speak about them yourself. This is because they experience your value, while you spend your days responding to customers' issues and concerns. To successfully grow your businesses, you must start thinking about your value more like your customers do. You must begin communicating...
The author highlights that his approach to growing the companies of his clients centers on getting them to communicate with customers and prospects a lot more. The author talks about an individual who has often struggled in his business. His revenue shrank quite a bit during the recession. He works too hard, and does not make nearly enough money for the amount of effort, risk, and time he sinks into...
Quote follow‐up is one of the communication activities that generates the most revenue with the least amount of work. Consider the vast number of quotes that you send out, which are never, or only lightly, followed up upon. A three‐communication follow‐up process includes: email/email/ email, or email/email/call. Many clients have sizable teams that take phone calls for new estimates all day long...
Small and mid‐size companies are often uncomfortable raising their prices. As a result, they don't change their prices for years. Sometimes, when a vendor increases prices of raw materials, small and mid‐size companies will begrudgingly and uncomfortably raise their prices by exactly that amount, passing the increase on to the customer. But no additional net profit is gained, because so many small...
This chapter contains sections titled:
Internal Controls and Procedures
Independent Auditing
The Role of the User of Financial Statements
Conclusion
Questions
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