find your million dollar blind spots - fiscal doctor...q by gary w. patterson 7 things you need to...

qby Gary W. Patterson

7 Things You Need to Know

Find Your Million Dollar Blind Spots©

Gary W. Patterson781-237-3637

[email protected]

812 Hallbrook Lane • Alpharetta, GA 30004

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by Gary W. Patterson www.FiscalDoctor.com





Copyright©2009-2012. Gary W. Patterson, FiscalDoctor® Inc.

All Rights Reserved. No part of this book may be reproduced or transmitted in any form or by any means without express written permission from the author.

Printed in the USA by www.minibuk.com February 2012

This MiniBuk® is designed to provide you with background information on Gary W Patterson, FiscalDoctor®, services, products and expertise.

There are examples and thought provoking questions spread throughout the MiniBuk® for you to implement immediately.

Please use this to discuss how you can partner with Gary to find and then solve your Million Dollar Blind Spots©.

Topics List

We will discuss today . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6About FiscalDoctor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7Decide How You Define Business Today . . . . . . . . . . . . . . . . .10How does your company stack up to these statements? . . 11Make Any Notes Re Your Business Today . . . . . . . . . . . . . . . . 18Risk Exposure Versus Likelihood . . . . . . . . . . . . . . . . . . . . . . . . 19Fiscal Health Questionnaire . . . . . . . . . . . . . . . . . . . . . . . . . . . 20Fiscal Health Score . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40Notes for Getting More Strategic In Your Business. . . . . . . .41Seven Key Questions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42

Update Notes On Your Business . . . . . . . . . . . . . . . . . . . . . . . 49Blind Spot Resolution Plan Notes. . . . . . . . . . . . . . . . . . . . . . . . 51Action Plan Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53Outlook Versus Resources Snapshot . . . . . . . . . . . . . . . . . . . 56We will discuss today . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57Free Content . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58To Talk to Gary Patterson About Your Business. . . . . . . . . . 59

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We will discuss today

n Define Business n Review 5 common blind spots n Use Risk Exposure Likelihood Template n Apply Fiscal Health Questionnaire n Prioritize on first issue n Create Blind Spot Resolution Plan n Answer your questions to execute

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About FiscalDoctor

Gary W. Patterson, The FiscalDoctor®, works with leaders who want to uncover their blind spots so they can make better decisions. He has helped over 200 companies in service, manufacturing, technology, construction and distribution in companies from start-ups to Inc 500 to Fortune 500. Several reached 10x compounded annual revenue growth. He was the European coordinator for a global supply chain re-engineering project for a Fortune 500 company

Gary has also successfully negotiated over 25 M&A transactions with a market value exceeding $390 million. He

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holds a Stanford MBA, a University of Mississippi BBA, and is a Big 4 CPA, and NSA speaker. Over 70 publications and groups including AMA, Entrepreneur, The CEO Magazine (AU), NACD, Directors & Boards, Risk Management Magazine and More Magazine have interviewed him.

He authored Stick Out Your Balance Sheet and Cough: Best Practices for Long-Term Business Health; The Fiscal Fitness System: Understanding Balance Sheets, Income Statements, and Cash Flow and forthcoming book Finding Your Million Dollar Blind Spots and speaks on enterprise risk management, risk analysis, leadership, and strategic budgeting.

Keynote, book and Fiscal Clinic videos are available at http://www.youtube.com/user/ERMadvocate

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n Checkup—identify pressing issues

n Diagnosis—thoroughly review financials and systems

n Treatment—implement best practices

n Wellness—maintain financial health

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Decide How You Define Business Today

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How does your company stack up to these statements?

AMy business owns an asset it would be better off selling at a loss, as doing so would free up cash to pursue a more promising opportunity.

¡ True

¡ False

¡ Do not know

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BMy business capitalized expenses that created an asset with what now may be a suspect recorded value.

¡ True

¡ False

¡ Do not know

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CMy company knows how changes at one of our top 10 customers may affect our own bottom line.

¡ True

¡ False

¡ Do not know

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DMy business owns an asset it would be better off selling at a loss, as doing so would free up cash to pursue a more promising opportunity.

¡ True

¡ False

¡ Do not know

15


EMy business paints an overly optimistic picture of our company to a customer, vendor, or financing source.

¡ True

¡ False

¡ Do not know

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AMy business accurately knows who its 10 most profitable customers are.

BMy business capitalized expenses that created an asset with what now may be a questionable recorded value.

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CMy company knows how changes at one of our top 10 customers may affect our company’s bottom line.

DMy business has an asset it would be better off selling at a loss to free up cash to pursue a more promising opportunity.

EMy business paints an overly optimistic picture of our company to a customer, vendor, or financing source.

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Make Any Notes Re Your Business Today

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Risk Exposure Versus Likelihood

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Fiscal Health Questionnaire

1Are operations running so smoothly at your company that you consistently sleep well at night?

Why?

Why Not?

¡ YES ¡ NO

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2Are you certain your balance sheet accurately reflects your business?

Why?

Why Not?

¡ YES ¡ NO

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3Are you satisfied with your capability to project available cash over the next six months?

Why?

Why Not?

¡ YES ¡ NO

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4Are the key facts and measurements you need to run your business and accomplish strategic objectives readily available?

Why?

Why Not?

¡ YES ¡ NO

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5Do you operate from at least a three-year strategic plan?

Why?

Why Not?

¡ YES ¡ NO

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6Are you confident that your company will be able to meet targeted growth in revenues and profits over the next three years?

Why?

Why Not?

¡ YES ¡ NO

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7Do your competitors see you as their primary competition?

Why?

Why Not?

¡ YES ¡ NO

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8Does your company stack up well against others in your industry according to fundamental financial measurements? (e.g., % gross profit, % net profit %, cash flow, average days receivables outstanding, average days inventory on hand, % bad debt loss, and return on equity)

Why?

Why Not?

¡ YES ¡ NO

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9Are you in a position to finance your growth plans?

Why?

Why Not?

¡ YES ¡ NO

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10Have you identified your top 10 customers in terms of revenue and total profitability?

Why?

Why Not?

¡ YES ¡ NO

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11Does your entire management team share and support your corporate vision?

Why?

Why Not?

¡ YES ¡ NO

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12Are you in a position to seize market opportunities?

Why?

Why Not?

¡ YES ¡ NO

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13Are you satisfied with how your customers rate your company’s performance?

Why?

Why Not?

¡ YES ¡ NO

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14Are you seen as a successful leader who makes decisive and effective decisions?

Why?

Why Not?

¡ YES ¡ NO

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15Does your management team think creatively? Are they “outside-the box” thinkers?

Why?

Why Not?

¡ YES ¡ NO

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16Are you confident you’ve set up a succession plan if you got hit by a bus tomorrow? Have you empowered a trusted lieutenant to keep your company on track?

Why?

Why Not?

¡ YES ¡ NO

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17Do your vendors rank you as a preferred customer, and demonstrate their gratitude for your relationship and business?

Why?

Why Not?

¡ YES ¡ NO

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18Is your management team satisfied it receives information about your company and operations in an understandable and timely format to run their departments?

Why?

Why Not?

¡ YES ¡ NO

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19Is your company prepared for the green economy?

Why?

Why Not?

¡ YES ¡ NO

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20Are you aware of at least one improvement that would significantly boost your company’s performance?

Why?

Why Not?

¡ YES ¡ NO

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Fiscal Health Score

Fiscal Checkup:

Seven Key QuesKons 1. What are your top 3 concerns about meeting your current timeframe and budget?

38 Copyright © 2009-2012 Gary W Patterson

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Notes for Getting More Strategic In Your Business

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Seven Key Questions

1What are your top 3 concerns about meeting your current timeframe and budget?

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Seven Key Questions

1What are your top three concerns about meeting your current timeframe and budget?

2What actions can you do to minimize the risk of those concerns?

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Seven Key Questions

3What are the three top long-term opportunities, not adequately funded in this years budget?

45

Seven Key Questions

3What are the three top long-term opportunities, not adequately funded in this years budget?

4How can you best pursue those opportunities?

46

Seven Key Questions

5What are your top three longer-term risk area concerns?

47

Seven Targeted Questions

5What are your top three longer-term risk area concerns?

6What actions can you do to minimize the risk of those concerns?

48

Seven Key Questions

7How will renewable energy impact your project and business?

49

Update Notes On Your Business

Select three issues to follow-up.

1

2

3

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Update Notes On Your Business

Narrow that to one to implement immediately.

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Blind Spot Resolution Plan Notes

n What is the first action you plan to take?

n Why is this action important?

n What is the first step you need to take?

n When will this first step occur?

n Who can you get to help with the action?

n When does the action need to be completed?

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How will you know the process was completed as planned?

What potential benefits are you targeting-in dollars and other benefits?

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Action Plan Notes – Page 1

n What is the first action you plan to take?

n Why is this action important?

n What is the first step you need to take?

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n When will this first step occur?

n Who can you get to help with the action?

n When does the action need to be completed?

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n How will you know the process was completed as planned?

n What potential benefits are you targeting in dollars and other benefits?

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Outlook Versus Resources Snapshot

Hunker Down Grow

Extensive

Resources

Limited

Resources

In the money

Do More with Less

Very Cautious

Do Even More With Even less

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We will discuss today

n Define Business n Review 5 common blind spots n Use Risk Exposure Likelihood Template n Apply Fiscal Health Questionnaire n Prioritize on first issue n Create Blind Spot Resolution Plan n Answer your questions to execute

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Free Content

YouTube http://www.youtube.com/user/ERMadvocateFiscal Quiz http://fiscaldoctor.com/fiscaltest.htmlSpeaking folder www.removingrisk.comLinkedIn profile www.linkedin.com/in/garywpattersonDirectors & Board Embarrassment Quiz download http://tinyurl.com/76n3uteNACD board package article http://tinyurl.com/boardpackageThe CEO Magazine 10 ERM Questions http://tinyurl.com/10ERMCase studies http://fiscaldoctor.com/casestudies.html

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To Talk to Gary Patterson About Your Business

If you have an issue or challenge you would like to discuss or suggestions for another book or service, please contact me at either 781-237-3637 or www.fiscaldoctor.com/contact.html

Gary specializes in helping leaders avoid costly problems and increase profits by uncovering million dollar blind spot to make better business decisions, carrying out rigorous due diligence and enterprise risk management reviews, and

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partnering with them on critical fiscal and financial projects and can:

n Work worldwide short-term or retainer-based projects n Discuss your business problems, questions or comments

n Facilitate strategy or planning sessions n Develop one-on-one coaching or mentoring n Give a tailored speech on issues relevant to your situation

n Estimate the cost of what you don’t know

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Notes

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Notes

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Notes

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Gary W. Patterson 781-237-3637

[email protected] www.FiscalDoctor.com

812 Hallbrook Lane Alpharetta, GA 30004

qby Gary W. Patterson



Gary W. Patterson781-237-3637

[email protected]

812 Hallbrook Lane • Alpharetta, GA 30004

Fin

d Y

our M

illion D

ollar Blin

d S

pots

©

Ga

ry

W. P

at

te

rs

on

find your million dollar blind spots - fiscal doctor...q by gary w. patterson 7 things you need to...

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