These will bring you Financial Peace if you score 7 out of 10 for each of the 5 pillars.
1. Right Numbers
- Accurate & timely bookkeeping with full accrual accounting on a monthly basis and absolutely correct sales and cost allocations for each month, no cross over between months!
- Profit & Loss account organised for management purposes.
- Profit & Loss reports by major business units.
- 3 way budgets, profit & loss, balance sheet and cash flow.
- KPI reports monitoring sales and operations weekly.
- Routine monthly Board/Advisory Board Meetings with full suite of Management Reports.
2. Right People
- Starts from the top with the right Board and then CEO.
- Simple Organisation Structure with clear lines of authority and accountability.
- Grading of all employees as “A”, “B” or “C” for their current roles.
- Clear documented job descriptions, employment contracts, and performance reviews.
3. Right Processes
- Strong systems with fully integrated end to end processes.
- Cutting edge technology.
4. Right Business Model
- A big vision clearly documented.
- Simple, effective, and growth oriented business model.
- Majors on the Major and not on everything.
- Clear strategy for each business unit.
5. Right Growth
- 20% annual organic growth attainable in most industries.
- Strong effective marketing strategy.
- “A” grade sales team.
- Simple KPI Reporting.
- Growing market share.
