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Case Study - The Discovery Process
After we understood the Rickenbacher's goals for Medi-Bill (as well as the key facts about the business itself), the next step was to start what we call "The Discovery Process" of Performance Measurement. The Rickenbachers filled out a Business Wellness Questionnaire, which took them less than an hour to complete. The Questionnaire is designed to identify and prioritize the concerns and issues of company management (in this case, the Rickenbachers). In other words, the things that were keeping the Rickenbachers awake at night. The focus of the Questionnaire is on the 4 primary Performance Areas of the business: (1) Sales & Marketing (2) Management (3) Operations, and (4) Finance. Based on the answers to the Questionnaire, the important concerns (Key Issues) are identified for each Performance Area. From this point, we interview the owners to determine what the Critical Success Factors (CSF) are for each concern identified. CSFs are the specific strategic goals that relate to each Performance Area (e.g gross sales or profit margins in the Finance area). The table below shows the Key Issues and CSFs for Medi-Bill, in each of the 4 Performance Areas:
The table you see above was developed during the planning phase of the CFO As You Grow program. During this phase, CFO Plus acts as the facilitator, extracting as much critical information about the business from the company's owners and management team. This process took approximately two hours to hone in on the key issues and related CSFs in an open forum with all team participants.
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