Business Finance Consultants

Waste in the Finance Function? Surely Not!?

In a previous blog, we discussed applying the first principle of Lean (‘adding value’) to the Finance function. Today, let’s consider the second Lean principle: ‘Reducing waste’.

Yes, there can indeed be waste and missed opportunities in any Finance Department.

Here are a few common examples:

  • inefficient collection processes
  • the same data being manually entered several times in different systems
  • reports being generated for people that do not understand them and/or do not use them (in which case they are obviously not helping to guide the business)
  • complex report generation that requires the collection/analysis of data from multiple systems
  • cost allocation that does not add value to the decision making process, and
  • inappropriate budgeting processes that do not deliver outcomes aligned with the strategy of the business.

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Lean Selling

Lean Selling: Qualifying to reduce waste

Did you know that Businesses regularly spend up to five times longer losing a sale than winning a sale?

Wayne Moloney explains why this is so – and what we need to do about it.

In Wayne’s recent appearance on Strategic Selling Group he emphasises the need for a stringent qualification process to ensure we know our opportunity is winnable.

Wayne suggests spending more time on opportunities that have got the greatest chance of success and to help make these decisions he offers some simple qualification questions that will assist in determining if you should invest in furthering opportunities.