For time and the world do not stand still. Change is the law of life and those who look only to the past and the present are certain to miss the future.
A risk is a chance you take; if it fails you can recover. A gamble is a chance taken; if it fails, recovery is impossible.
Nothing is more difficult, and therefore more precious, than to be able to decide.
There is no-one who cannot vastly improve their leadership through study.
I would define leadership as the projection of personality. It is that combination of persuasion, compulsion and example that makes other people do what you want them to do.
Leadership is the art of achieving more than the science of management says is possible.
We should be doing something even better than you could do for yourself. Otherwise, why hire an advisor?
Think to the Finish
The Five Ninths Panel
Contributors to our articles are:
David, a retired Royal Marines Major General, with extensive practical experience of leading national and multi-national teams and organisations - military and civilian - on politically sensitive and high profile operations and assignments worldwide.
Richard has advised on policy at the highest level of government and currently advises a major, multi-national, innovative business on a wide range of issues
Edward was a senior partner in a major global advisory practice and his experience delivers convincing, knowledgeable and relevant opinion
The Value Of Management Information
Strong Management Information should add substantial value to any business, but, equally, inappropriate or insufficient management information can significantly detract from business value. Management Information needs to be seen not only as a management tool but as a strategic planning tool too. It should encompass data that is both financial and non-financial, historical and forecast.
So What Makes Credible Management Information?
The Management Information within a business should assist with formulating the businesses strategy, which will consist of a number of core, sub-strategies or branch plans. It is critical to be able to identify and measure the key drivers (commonly known as Key Performance Indicators or KPIs) and ensure they are aligned to the core strategies of the business. The success of a business' core strategies can only be assessed if an appropriate metric (KPI) is being measured. It is also vital to be able to analyse and act upon these KPIs.
In addition, the trend in KPIs should help determine any changes to the business strategy, which must be regularly reviewed. As the business evolves and develops, it is vital that Management Information changes with it, as the core strategies and key drivers will change.
Strong and appropriate Management Information should also help the business to react to market and economic changes in a timely and appropriate manner. Failure to do so is highly likely to have a significant and adverse effect on profitability and, therefore, business value.
Management Information During a Sales Process
When it comes to a point of sale of the business, part of the buyer's appraisal of the strength of the management team (which can have a strong correlation to the value of the business) will be an assessment of what Management Information they have been measuring, what analysis they have concluded from this Management Information and what actions have been taken as a result.
In addition, a trend of strong, appropriate Management Information should facilitate the due diligence process undertaken upon sale, which should significantly weaken the buyer's ability to chip away at its perceived value.
How Strong Management Information Can Add Business Value
Strong Management Information should significantly add to the value of the business through:
- strong, yet flexible, strategic direction (and, ultimately, increased profitability)
- increased ability and speed to react to market and economic changes
- increased reputation of management
- facilitation of the due diligence process during a sale
Consequently, Management Information is not something that should be seen as a 'nice to have' in your business - it is a necessity.