7 Practical Secrets to Build a Better Year by Tackling Fiscal Blind Spots

The key to building a better year is to identify Million Dollar Blind Spots which can become opportunities to exploit or risks to avoid. By definition, how can you solve issues until people identify major issues to address? That way time becomes your friend.



Seven points, applicable across most industries follow:

1.     Identifying material blind spots highlights issues to be considered as part of an updated strategic plan for the rest of this fiscal year.
2.     A key beginning step is to truthfully review the organizational priority list for those issues which never seem to get done, and ask why.
3.     Most organizations benefit from separating problem identification and the burden of problem solving. This facilitates a climate of open and positive communication within the organization.
4.     To encourage people to uncover blind spots so that they can be recognized and solved, reward people for uncovering those blind spots.
5.     Ask yourself what material disasters could happen to your business and what the likelihood and consequences of each are.
6.     Since reaction time is so crucial, make your culture able to face up to major blind spots you would prefer not to think about.
7.     All this work is for naught until you actually do something about the issues raised in this process. Then you can solve them before they become full-blown crises.

Although their ability to be your advocate has been dramatically reduced in recent years, your key service provider CPA firm, banker or major vendors often see issues which you overlook in 60 to 70 hours hectic work weeks. Consider taking to a quiet lunch away from both of your offices and ask for their observations. Assure them you will keep their comments off the record and you may strike gold.

To get where you are now after the most recent turbulent years, you probably have already made a series of hard decisions. The key remains to create as much flexibility to either grow or stay conservative as the economy continues to change on a dime.

Look facing forward as how to best grow top line revenues and bottom line profits. Take a deep breath, count to ten or whatever mechanism will best allow you to move ahead without any baggage from the past. That normally allows leading in either direction. Adding this strategic element to your review for the remainder of the year often identifies opportunities to exploit or risks to avoid. Either puts money in your pocket.

Bottom line? - Find Million Dollar Blind Spot Opportunities to Accelerate Correct Fiscal Leadership Decisions!

You need a perspective of business under the microscope and to have lived to tell the tale. After analyzing and helping over 200 companies, I have learned one key point: "What You Don't Know You Don't Know About Your Business Can Cost You Your Job or Business."

From the author of 'Million Dollar Blind Spots: 20/20 Vision for Financial Growth' and 'Stick Out Your Balance Sheet & Cough: Best Practices for Long Term Business Health'.