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Feb 17Jim Hoggatt

Peeling a Banana

Feb 17Jim Hoggatt

Let’s take a vote. How many of you…when you peel a banana, grab the stem first? Did you know that for some bananas it is much easier to open the banana from the other end? Just take and squeeze the end and it will open quickly. Many times in trying to solve complex business issues, the problem is not a lack of effort…but instead we may be trying to open the wrong end of the banana.

There is a tendency for us to try to solve problems by following the same processes we have used for many years (e.g. using the stem of the banana as our starting point). One aspect for CEOs and business owners to consider is… who should be the key person to solve the issues?

Many CEOs and business owners fall in to the trap of redirecting their attention to financial, accounting, IT, HR and other internal issues… rather than what their core focus should be…leading the organization, growing the value of their organization, increasing sales, expanding product lines and new markets, etc.

As one great CEO once told me, his job was spending the right amount of time getting the right people on the bus…and then starting the bus and driving it in the right direction.

Do you have the right people on your bus? For example, is your CFO capable of planning and solving problems in all aspects of finance, accounting, accounting related systems as well as dealing effectively with banks, auditors, tax CPAs, etc. Is the person in charge of HR talented enough to handle complex personnel-related issues, interacting with the right professionals (e.g. attorneys) at the right time?

As business owners, are we back in the middle of the bus fixing problems that others should be fixing. Or are we driving the bus, knowing that competent professionals are taking care of those issues.

Which way are you peeling the banana?

B2B CFO®

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